Ontologies usually suffer from the semantic heterogeneity when simultaneously used in information sharing, merging, integrating and querying processes. Therefore, the similarity identification between ontologies being used becomes a mandatory task for all these processes to handle the problem of semantic heterogeneity. In this paper, we propose an efficient technique for similarity measurement between two ontologies. The proposed technique identifies all candidate pairs of similar concepts without omitting any similar pair. The proposed technique can be used in different types of operations on ontologies such as merging, mapping and aligning. By analyzing its results a reasonable improvement in terms of completeness, correctness and overall quality of the results has been found.