This article addresses the potential effectiveness of blind review in selecting and funding research proposals in a “scientifically small” country. By analyzing 474 responses of the blinded reviewers ever worked for Korea Science and Engineering Fund, it was found that blind review is fairly effective. About two thirds of the blinded reviewers were unable to recognize the applicants accurately. The applicant detection was affected by (1) physical age, (2) professional experience, and (3) geographical location of doctoral education of the applicant, (4) review experience, (5) rank of employing universities of the reviewers, and (6) similirity of research interest between an applicant and a reviewer. It was also found that blind review was more strongly advocated by those who had made a wrong guess or who had given up guessing. Implications of the findings and future research directions were discussed.