Led from behind the scenes by billionaire ex-Prime Minister Bidzina Ivanishvili, Georgian Dream is running against the main opposition United National Movement (UNM), founded by exiled former president Mikheil Saakashvili.
Today's vote, which works on a first-past-the-post basis, will decide the fate of a third of the mandates in the 150-seat legislature.
In the first round, which was held on October 8, Georgian Dream won 48.68 percent of the vote in a proportional ballot, while UNM came second with 27.11 percent.
According to the first round result, Georgian Dream will take 67 seats, UNM 27 seats, and Alliance of Patriots six seats in the new parliament.
With the remaining 50 seats up for grabs in today's runoff, Georgian Dream was expected to win almost all of them.
Should the party win a total of at least 113 seats, as expected, it would be able to form a new cabinet and pass constitutional amendments.
Preliminary results are expected to be released by tomorrow morning.
Georgia's Western allies are watching closely to see if the strategic nation -- praised as a rare example of democracy in the former Soviet region -- can cement gains after its first transfer of power at the ballot box four years ago.
After both the first round ballot and today's runoffs, opposition parties cried foul, accusing the government of massive vote rigging -- a claim flatly rejected by the authorities.
"Georgians were denied their right to make free electoral choice," one of the UNM leaders, Giorgi Baramidze, told AFP.
But the Central Election Commission said the ballot was "held in a calm atmosphere and voters were able to express their will freely."
The International Society for Fair Elections and Democracy, a local watchdog which deployed some 700 observers at polling stations, said it has registered procedural violations such as multiple voting and problems with marking ballot papers.
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