We present an overall description of moveout formulas of P–SV converted waves in vertically inhomogeneous transversely isotropic media with a vertical symmetry axis by using the generalized moveout approximation. The term “generalized” means that this approximation can be reduced to some existing approximations by specific selections of parameters, which provides flexibility in application depending on objectives. The generalized moveout approximation is separately expressed in the phase and group domains. All five parameters of the group domain (or phase domain) generalized moveout approximation are determined using the zero offset (or horizontal slowness) ray and an additional nonzero offset (or horizontal slowness) ray. We discuss the selection of parameters to link the generalized moveout approximation to some existing approximations. The approximations presented are tested on homogeneous, factorized, and layered transversely isotropic models. The results illustrate that utilizing an additional reference ray significantly improves the accuracy of phase-domain and group-domain moveout approximations for a large range of horizontal slownesses and source–receiver offsets.