We verify the supremacy of the proposed GOR procedure over the conventional procedure (X-t replaced by X-obs) and the SLR procedure by using observed and synthetic datasets. We observe that the proposed GOR procedure provides an improved estimate of Y-t compared with both the conventional GOR and SLR. The proposed GOR provides lower errors in slope and intercept compared with SLR and yields improved correlation coefficient (R-xy) and standard error values as compared with the other two approaches. The newly developed GOR procedure with eta = 1 provides the highest accuracy in Y-t estimates as compared with the SLR and conventional GOR approaches. Our analysis also concludes that incorrect application of regression procedure can introduce a bias in the Gutenberg-Richter parameter b in the 5%-42% range. Therefore, we recommend the use of the proposed GOR to develop regression relations for earthquake magnitude conversions.