An alternative formula for determining the volume-referenced, projector-transducer figure of merit, FOMv, is developed allowing an evaluation based on well known parameters that may be readily calculated or measured. This formula is also reduced to the special case of piezoelectric or magnetostrictive materials, allowing a FOMv comparison of transducer materials in addition to an evaluation of specific transducer designs. Sample results are given for transducer materials alone and a PZT-8 driven modal projector transducer operated in the monopole mode.