We have measured the ratio, r = $sigma_S/sigma_T$ of the formation cross section, $sigma$ of singlet ($sigma_S$) and triplet ($sigma_T$) excitons from oppositely charged polarons in a large variety of $pi$-conjugated oligomer and polymer films, using the photoinduced absorption and optically detected magnetic resonance spectroscopies. The ratio r is directly related to the singlet exciton yield, which in turn determines the maximum electroluminescence quantum efficiency in organic light emitting diodes (OLED). We discovered that r increases with the conjugation length, CL; in fact a universal dependence exists in which $r^{-1}$ depends linearly on $CL^{-1}$, irrespective of the chain backbone structure. These results indicate that $pi$-conjugated polymers have a clear advantage over small molecules in OLED applications.