Unmanned aerial vehicles (UAVs) equipped with high-resolution multispectral cameras have increasingly been used in urban planning, landscape management, and environmental monitoring as an important complement to traditional satellite remote sensing systems. Interest in urban regeneration projects is on the rise in Korea, and the results of UAV-based urban vegetation analysis are in the spotlight as important data to effectively promote urban regeneration projects. Vegetation indices have been used to obtain vegetation information in a wide area using the multispectral bands of satellites. UAV images have recently been used to obtain vegetation information in a more rapid and precise manner. In this study, multispectral images were acquired using a UAV equipped with a Micasense RedEde MX camera to analyze vegetation indices, such as the Normalized Difference Vegetation Index (NDVI), Green Normalized Difference Vegetation Index (GNDVI), Blue Normalized Difference Vegetation Index (BNDVI), Red Green Blue Vegetation Index (RGBVI), Green Red Vegetation Index (GRVI), and Soil Adjusted Vegetation Index (SAVI). However, in the process of analyzing urban vegetation using the existing vegetation indices, it became clear that the vegetation index values of long-run steel roofing, waterproof coated roofs, and urethane-coated areas are often similar to, or slightly higher than, those of grass. In order to improve the problem of misclassification of vegetation, various equations were tested by combining multispectral bands. Kappa coefficient analysis showed that the squared Red-Blue NDVI index produced the best results when analyzing vegetation reflecting urban land cover. The novel vegetation index developed in this study will be very useful for effective analysis of vegetation in urban areas with various types of land cover, such as long-run steel roofing, waterproof coated roofs, and urethane-coated areas.