A new relaxation function which accounts for electronic dephasing (electronic phase loss and excited state lifetime) is presented, whose applicability for underdamped motion at low temperatures is examined in detail. This new empirical relaxation function phi(t) yields linear and nonlinear spectral/temporal profiles that render accurate dephasing time in the underdamped regime. The relaxation function phi(t) is normally expressed in terms of the coupling functions M(j) (') and M(j) (") on which the time evolution of the vibrational modes in question depends. The corresponding spectral density, which is a central quantity in probing dynamics, is derived and compared to that of the multimode Brownian oscillator model. Derivation and discussion of the new position and momentum autocorrelation functions in terms of our new spectral density are presented. While the position autocorrelation function plays a key role in representing solvation structure in polar or nonpolar medium, the momentum correlation function projects out the molecular vibrational motion. The Liouville space generating function (LGF) for harmonic and anharmonic systems is expressed in terms of our new empirical phi(t) and spectral density, leading to more physical observation. Several statistical quantities are derived from the position and momentum correlation function, which in turn contribute to LGF. Model calculations reflecting the infinite population decay in the low temperature limit in linear and nonlinear spectroscopic signals are presented. The herein quantum dipole moment correlation function is compared to that derived in [M. Toutounji, J. Chem. Phys. 118, 5319 (2003)] using mixed quantum-classical dynamics framework, yielding reasonable results, in fact identical at higher temperatures. The results herein are found to be informative, useful, and consistent with experiments.