The reliability of urban transportation systems is crucial for ensuring smooth traffic flow and minimizing disruptions caused by external factors. This study focuses on improving the stability and efficiency of transportation systems through the calibration of a refined link performance function while building upon the U.S. Bureau of Public Roads (BPR) model. To achieve this, we propose three customized algorithms—Newton’s method, Bayesian optimization, and the differential evolutionary algorithm—to calibrate the key parameters. Additionally, we conducted a sensitivity analysis to assess the influences of the model parameters on link performance. Numerical experiments conducted in Yuyao City demonstrate the applicability and efficacy of the proposed model and solution algorithms. Our results reveal that the Newton approach is notably more efficient than the Bayesian optimization algorithm and the differential evolutionary algorithm.