  Many studies have shown that there are clear sequences in the
period-luminosity relationship (PLR) for Mira variables and semiregular
variables (SRVs) in the Large Magellanic Cloud (LMC). To investigate the PLR
for SRVs in our galaxy, we examined the annual parallax measurement and
conducted K'-band photometric monitoring of an SRV star SV Pegasus (SV Peg). We
measured the position change of the associating H$_2$O maser spots by
phase-referencing VLBI observations with VERA at 22 GHz, spanning approximately
3 yr, and detected an annual parallax of $\pi = 3.00 \pm 0.06$ mas,
corresponding to a distance of $D=333 \pm 7$ pc. This result is in good
agreement with the Hipparcos parallax and improves the accuracy of the distance
from 35 $\%$ to 2 $\%$. However, the GAIA DR2 catalog gave a parallax of
$\pi=1.12\pm0.28$ mas for SV Peg. This indicates that the GAIA result might be
blurred by the effect of the stellar size because the estimated stellar radius
was $\sim 5$ mas, which is comparable to the parallax. We obtained a K'-band
mean magnitude of $m_{K'} = -0.48$ mag and a period of $P=177$ days from our
photometric monitoring with a 1-m telescope. Using the trigonometric distance,
we derived an absolute magnitude of $M_{K'}=-8.09 \pm 0.05$ mag. This result
shows that the position of SV Peg in the PLR falls on the C' sequence found in
the PLR in the LMC, which is similar to other SRVs in our galaxy.
