A program was written that calculates the contact point and rolling radius difference by considering the lateral displacement of the wheelset with respect to the rail. The characteristics of the equivalent conicity were analyzed according to the distribution characteristics of wheelset lateral displacement using the calculated rolling radius difference. The standard deviation value representing the characteristics of the wheelset lateral movement should be appropriately applied considering the range of the lateral wheelset displacement. If a small standard deviation value is applied when the lateral displacement increases during actual driving condition, the equivalent conicity could be underestimated, which may cause a problem in determining a reliable stability of the railway vehicle.