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Recent years have witnessed the great development of overlay network, particularly for the application of code stream transmission through multi-path P2P overlay network. However, the selection method of multicast paths is always impeding its efficiency. Aiming at this issue, the paper proposes a new Optimal Reference Path selection method, based on the algorithm calculation. In this paper, we firstly prove the premises assumption (e.g., network paths correlation) and correctness of Optimal Reference Path model, then we illustrate the model and conduct algorithm simulation. Simulation results show that the selection method obtains better performance in packet loss rate and network transmission width. In terms of network topology efficiency, the algorithm can also achieve good results. Thus, the Optimal Reference Path selection method can serve as an efficient algorithm which could be used in path-dependent P2P overlay network.