We apply the Auslander-Buchweitz approximation theory to show that the Iyama and Yoshinos subfactor triangulated category can be realized as a triangulated quotient. Applications of this realization go in three directions. Firstly, we recover both a result of Iyama and Yang and a result of the third author. Secondly, we extend the classical Buchweitzs triangle equivalence from Iwanaga-Gorenstein rings to Noetherian rings. Finally, we obtain the converse of Buchweitzs triangle equivalence and a result of Beligiannis, and give characterizations for Iwanaga-Gorenstein rings and Gorenstein algebras