In this paper, a method of estimating the power spectrum of a complex signal based on the Group Delay function (GD) is proposed and also applied to the Wigner-Ville Distribution (WVD) to reduce the ripple effect due to the truncation of the autocorrelation sequence. The proposed method is realised by the GD for a complex signal and the modified GD concept. This extends the performance advantages of the modified GD applicable to a real signal, to a complex one. Further, its application to WVD, reduces the truncation/ripple effect without sacrificing any frequency resolution, as no common window function is used. Significant improvement in performance, in terms of reduction in variance without any compromise on resolution and higher noise immunity, has been found over those of the periodogram and windowed WVD.