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In this paper, we discuss the spectral efficiency and coverage efficiency of WRAN(Wireless Regional Area Network) system in TV bands which are under standardization at the IEEE 802.22 WG. Instead of spectrum underlay technologies which have been used conventionally, spectrum overlay technology model will be the subject of analysis and simulations in this paper. The research results revealed that the increase of spectral reuse distance(guard distance) negatively affects the spectral and coverage efficiency. In WRAN system that uses spectrum overlay technologies and where the Tx power of TV stations and WRAN BSs are constant, decrease in both of the spectral efficiency and the coverage efficiency were observed in counter-proportion to the increasing guard distance at the size of given area(about 400 to 800 km).