This paper presents and efficient improvement of the iterative eigenvalue calculation method and the selection of initial values in AESOPS algorithm. To determine the initial eigenvalues of the system, system state matrix is constructed with the two-axis generator model. From the submatrices including synchronous and damping coefficients, the initial eigenvalues are calculated by the QR method. Participation factors are also calculated from the above submatrices in order to determine the generators which have a important effect to the specific oscillation mode. Also, the heuristically approximated eigenvalue calculation method in the AESOPS algorithm is transformed to the Newton Raphson Method which is largely used in the nonlinear numerical analysis. The new methods are developed from the AESOPS algorithm and thus only a few calculation steps are added to practice the proposed algorithm.