Several well-known correlations such as the Bingham-plastic, power-law, and Herschel Bulkley models have been used so far to determine the rheological parameters of drilling fluids. For some particular fluids, however, even a three-parameter model such as Herschel Bulkley does not exhibit appropriate behavior. On the other hand, determination of the rheological parameters by numerical methods such as nonlinear regression may provide meaningless values, i.e. negative yield stresses. This is particularly notable in determination of yield stress, which identifies the capacity of the drilling fluid to carry the cuttings. In this work, a new equation has been developed which is capable of determining the rheological parameters and, more particularly, the yield stress of drilling fluids. It is demonstrated that the developed correlation improves the prediction of the rheological parameters of the fluids by including a logarithmic term. The velocity profiles and pressure drop values obtained for several drilling fluids in an annulus geometry exhibit the suitability of this novel equation in comparison with the previously mentioned equations.