We report the first precision measurement of the proton electric to magnetic form factor ratio from spin-dependent elastic scattering of longitudinally polarized electrons from a polarized hydrogen internal gas target. The measurement was performed at the MIT-Bates South Hall Ring over a range of four-momentum transfer squared $Q^2$ from 0.15 to 0.65 (GeV/c)$^2$. Significantly improved results on the proton electric and magnetic form factors are obtained in combination with previous cross-section data on elastic electron-proton scattering in the same $Q^2$ region.