The most significant factor in estimating annual runoff must be the precipitation. But in the previous study, the watershed area instead of precitation was included as an independent variable in regression model in the process of checking accurate data. The criterion of accurate data was the runoff ratio in the range of 20% to 100%. In this study the valid range of evapotranspiration was adopted as a criterion of accurate data and the same data were reexamined. It came up with following model which has a high coefficient of determination and conforms to hydrologic theory. R=-518.25+0.8834P where, R: runoff depth(mm) P: precipitation(mm) This regression model was found to be stable by cross-validation and is proposed as annual runoff estimation model applicable to ungaged small and medium watersheds in Korea.