Surface parameterizations have been widely applied in the computer-aided design for the geometric processing tasks of surface registration, remeshing, texture mapping, and so on. In this paper, we present an efficient balanced energy minimization (BEM) algorithm for the computation of simply connected open surface parameterizations with balanced angle and area distortions. The existence of a nontrivial accumulation function of the BEM algorithm is guaranteed under some mild conditions and the limiting function is shown to be one-to-one. Comparisons of the BEM algorithm with the angle- and the area-preserving parameterizations show that the angular distortion is close to that of the angle-preserving parameterization while the area distortion is significantly improved. An application of the BEM on the Chinese virtual broadcasting technique is demonstrated thereafter, which is consisted of surface remeshing, registration, and morphing.