Dementia has become a profound public health problem due to the number of patients increasing every year. Previous studies have reported that environmental factors, including greenness, may influence the development and progression of dementia. Studies have found that exposure to green space is associated with a lower incidence of dementia. However, many definitions of green space exist, and the effects of its use may differ with the type of green space. Therefore, two types of green space measures were considered in this study to assess the differences in their impact on the prevalence of dementia among females and males. This study used five years of data (2017–2021) from 235 districts in South Korea. The two green space measures used were open space density and normalized difference vegetation index (NDVI), which were derived from satellite images. The analysis utilized a combination of traditional and spatial panel analyses to account for the spatial and temporal effects of independent variables on dementia prevalence. The spatial autocorrelation results revealed that both measures of greenness were spatially correlated with dementia prevalence. The spatial panel regression results revealed a significant positive association between NDVI and dementia prevalence, and open space had a negative association with dementia prevalence in both genders. The difference in the findings can serve as the basis for further research when choosing a greenspace measure, as it affects the analysis results, depending on the objective of the study. This study adds to the knowledge regarding improving dementia studies and the application of spatial panel analysis in epidemiological studies.