In this study, a regression model, which relates annual flood peak flows collected at stramflow gaging stations in the Han river and Nakdong river basin to both basin characteristics and precipitation data, is developed by using the generalized least squares method which can provide reasonable and unbiased estimator of error variance by separating error variance of the regression model into that due to model error and due to sampling error. This model may be used as a mechanism for transferring hydrologic information from the gaged sites to ungaged sites.