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Efficient identification of influential nodes is one of the essential aspects in the field of complex networks, which has excellent theoretical and practical significance in the real world. A valuable number of approaches have been developed and deployed in these areas where just a few have used centrality measures along with their concerning deficiencies and limitations in their studies. Therefore, to resolve these challenging issues, we propose a novel effective distance‐based centrality (EDBC) algorithm for the identification of influential nodes in concerning networks. EDBC algorithm comprises factors such as the power of K‐shell, degree nodes, effective distance, and numerous levels of neighbor’s influence or neighborhood potential. The performance of the proposed algorithm is evaluated on nine real‐world networks, where a susceptible infected recovered (SIR) epidemic model is employed to examine the …