An analytical formula for the correction factor which is to multiply the classical expression for the nucleation rate to account the translation and rotation of the critical nucleus is proposed. The formula is based on the Reiss approach considering the contribution from the clusters translational degrees of freedom, Frenkel's kinetic theory of liquids, and Kusaka's theory. Using this formula we determined the correction factor for argon vapor-to-liquid phase nucleation for the temperature range 80-110 K. These evaluations are in a good agreement with the correction factor calculated numerically by Kusaka (2006). Basing on the Gibbs theory of capillarity it is also shown that for the case of ideal gas-to-liquid nucleation the exponent in the classical formula for the rate of nucleation is strictly equal to the reversible work of drop formation.