This paper attempts to estimate diagnostically relevant measure, i.e., Arteriovenous Ratio with an improved retinal vessel classification using feature ranking strategies and multiple classifiers decision-combination scheme. The features exploited for retinal vessel characterization are based on statistical measures of histogram, different filter responses of images and local gradient information. The feature selection process is based on two feature ranking approaches (Pearson Correlation Coe±cient technique and Relief-F method) to rank the features followed by use of maximum classification accuracy of three supervised classifiers (k-Nearest Neighbor, Support Vector Machine and Naive Bayes) as a threshold for feature subset selection. Retinal vessels are labeled using the selected feature subset and proposed hybrid classification scheme, i.e., decision fusion of multiple classifiers. The comparative analysis shows an increase in vessel classification accuracy as well as Arteriovenous Ratio calculation performance. The system is tested on three databases, a local dataset of 44 images and two publically available databases, INSPIRE-AVR containing 40 images and VICAVR containing 58 images. The local database also contains images with pathologically diseased structures. The performance of the proposed system is assessed by comparing the experimental results with the gold standard estimations as well as with the results of previous methodologies. Overall, an accuracy of 90.45%, 93.90% and 87.82% is achieved in retinal blood vessel separation with 0.0565, 0.0650 and 0.0849 mean error in Arteriovenous Ratio calculation for Local, INSPIRE-AVR and VICAVR dataset, respectively.