In multiobjective particle swarm optimization (MOPSO) methods, selecting the local best and the global best for each particle of the population has a great impact on the convergence and diversity of solutions, especially when optimizing problems with high number of objectives. This paper presents an approach using two sets of nondominated solutions. The ability of the proposed approach to detect the true Pareto optimal solutions and capture the shape of the Pareto front is evaluated through experiments on well-known non-trivial multiobjective test problems as well as the real-life electric power dispatch problem. The diversity of the nondominated solutions obtained is demonstrated through different measures. The proposed approach has been assessed through a comparative study with the reported results in the literature.