The existing significant point generation technique such as convex hull is unable to find out the proper significant points for irregular shaped objects. To address this issue, an algorithm namely efficient significant point generation (ESG) has been proposed in this paper that is able to find out proper significant points which will further be used to produce required shape descriptor using parametric curve generation techniques. Experimental results confirm the superior performance of ESG algorithm over convex hull in approximating significant points for all types of irregular shaped objects.