Accurate determination of the specular point is important for simulating and processing reflected global navigation satellite system signals for remote sensing applications. Existing methods for determining the specular point are based on both spherical and ellipsoidal approximations of the Earth and employ either Snell's law or Fermat's principle to formulate the problem. By analysis and simulation, it is shown that these methods produce significant errors at intermediate latitudes. In this paper, a novel formulation for the solution of the specular point is proposed that satisfies Snell's Law on the WGS84 ellipsoid. The proposed method is compared with the existing methods for various receiver orbit configurations and algorithm augmentations. It is shown that the proposed method is more accurate than the existing methods and more computationally efficient than the minimum path length (MPL) method. Additionally, the resultant grazing angles, MPL method errors, and specular point locations as a function of the receiver orbit are investigated, leading to the finding that the likelihood of an error is significant for geometries favored by reflectometry applications.