We propose a motion-compensated frame interpolation method in which an accurate backward/forward motion vector pair (MVP) is estimated based on a parabolic motion model. A reliability measure for an MVP is also proposed to select the most reliable MVP for each interpolated block. The possibility of deformation of bidirectional corresponding blocks is estimated from the selected MVP. Then, each interpolated block is produced by combining corresponding blocks with the weights based on the possibility of deformation. Experimental results show that the proposed method improves PSNR performance by up to 2.8 dB as compared to conventional methods and achieves higher visual quality without annoying blockiness artifacts.