The purpose of the study is to provide comprehensive and systematic evaluation indicators for regional innovation policies and urban living labs. Particularly, since these policies and projects are based on the actual lives of residents, this study attempts to derive the evaluation indicators from a participatory perspective. This study analyzes and presents the evaluative indicators of Korean local innovation policies and urban living labs that are most important to key stakeholders including residents. Particularly, the level of democracy in policy and business as well as the participation level of the residents are recognized as very important indicators; thus it is imperative and expected that business directors promote these aspects of the project. This suggests that these indicators should be evaluated and considered important when future project managers are selected.