Using ice particle spectra measured in stratiform ice clouds in midlatitude and Arctic regions, ice water content (IWC) and precipitation rate (Fm) retrieval algorithms as a function of temperature and radar reflectivity factor (Z) have been developed. These parameterizations were compared with (1) direct measurements of IWC using a Nevzorov probe, (2) precipitation retrieved using an X‐band Doppler scanning radar and a Precipitation Occurrence Sensor System (POSS), (3) the Canadian Global Environmental Multiscale (GEM) and High‐Resolution Model Application Project (HIMAP) models, and (4) derived IWC and precipitation from measured ice spectra during four field projects. The derived IWC and Fm from measured spectra have a correlation coefficient (r) better than 0.8. The IWC retrieved using the X‐band scanning radar during the First Alliance Icing Research Studies (AIRS I) agreed with IWC measured using the Nevzorov Probe much better than conventional IWC retrieval schemes. The retrieved precipitation rate based on the new algorithm using the POSS reflectivity measurements during the Second Alliance Icing Research Study (AIRS II) project agreed reasonably well with the precipitation rates predicted by the GEM and HIMAP models. This study clearly demonstrated that conventional IWC‐Ze relationships fail to replicate the IWC measured with Nevzorov probe. Furthermore, the Fm –Z relationship currently in use in the Canadian operational radar network appears to underestimate the ice precipitation rate. However, since there are some uncertainties in the direct measurements of IWC and no reliable direct measurements of precipitation, further studies are required to validate these parameterizations.