With time, ionospheric variation analysis is gaining over lithospheric monitoring in serving precursors for earthquake forecast. The current paper highlights the association of major (Ms ≥ 6.0) and medium (4.0 ≤ Ms > 6.0) earthquake occurrences throughout the world in different ranges of the Ionospheric Earthquake Parameter (IEP) where ‘Ms’ is earthquake magnitude on the Richter scale. From statistical and graphical analyses, it is concluded that the probability of earthquake occurrence is maximum when the defined parameter lies within the range of 0–75 (lower range). In the higher ranges, earthquake occurrence probability gradually decreases. A probable explanation is also suggested.