Seismic fragility curves play a crucial role in assessing potential seismic losses and predicting structural damage caused by earthquakes. This study compares non-sampling-based methods of seismic fragility curve derivation, particularly the probabilistic seismic demand model (PSDM) and finite element reliability analysis (FERA), both of which require employing sophisticated finite element analysis to evaluate and predict structural damage caused by earthquakes. In this study, a three-dimensional finite element model of API 5L X65, a buried gas pipeline widely used in Korea, is constructed to derive seismic fragility curves. Its seismic vulnerability is assessed using nonlinear time-history analysis. PSDM and a FERA are employed to derive seismic fragility curves for comparison purposes, and the results are verified through a comparison with those from the Monte Carlo Simulation (MCS). It is observed that the fragility curves obtained from PSDM are relatively conservative, which is attributed to the assumption introduced to consider the uncertainty factors. In addition, this study provides a comprehensive comparison of seismic fragility curve derivation methods based on sophisticated finite element analysis, which may contribute to developing more accurate and efficient seismic fragility analysis.