The international telecommunication standards bodies such as ITU-T, ATM Forum, and IETF recommend the dual leaky bucket for the traffic specifications for VBR service. On the other hand, recent studies have demonstrated multiple time-scale burstiness in compressed video traffic. In order to fill this gap between the current standards and real traffic characteristics, we present a standard-compatible traffic parameter selection method based on the notion of a critical time scale (CTS). The defined algorithm is optimal in the sense that it minimizes the required amount of link capacity for a traffic flow under a maximum delay constraint. Simulation results with compressed video traces demonstrate the efficiency of the defined traffic parameter selection algorithm in resource allocation.