A novel methodology is proposed for evaluating the stress-strain curve and determining the Ramberg-Osgood parameters (n, α) of SS316LN material. This involves utilizing load-displacement data from various specimen types, including both smooth and notched tensile specimens with different notch radii, in conjunction with finite element analysis. An error minimization method was used for evaluating the material parameters. The proposed approach for the evaluation of unique Ramberg-Osgood parameters provides a better result than that of the material stress-strain data of smooth specimen test. Ramberg-Osgood parameters were evaluated at two temperatures, i.e., 25°C and 650°C and compared with RCC-MRx code. Stress-strain equation as provided in the RCC-MR, can’t be used in FE analysis if the plastic strain exceeds 1.5% at certain regions of structure containing discontinuity, e.g., regions like shell-nozzle junction, vessel head, T-junction etc. The approach developed in this work shall help to obtain the material stress-strain curve over a wide range of plastic strain values. Ramberg-Osgood parameters were evaluated for the whole temperature range of 25°C and 650°C, which can be used for structural integrity analysis of reactor components made of stainless steel grade SS316LN. The range of applicability of data for RCC-MR code was extended beyond 1.5% of plastic strain in this work. The equations derived in this work shall be useful for structural integrity analysis and life assessment of structural components of nuclear reactors.