This study is concerned with suggesting a new clustering algorithm to evaluate the value of papers which were supported by research grants by Korea Research Fund (KRF). The algorithm is based on an extended version of a conventional PSO (Particle Swarm Optimization) mechanism. In other words, the proposed algorithm is based on integration of k-means algorithm and simulated annealing mechanism, named KASAPSO. To evaluate the robustness of KASA-PSO, its clustering results are evaluated by research grants experts working at KRF. Empirical results revealed that the proposed KASA-PSO clustering method shows improved results than conventional clustering method.