A simple clustering method is proposed for extracting representative subsets from lengthy data sets. The main purpose of the extracted subset of data is to use it to build prediction models (of the form of approximating functional relationships) instead of using the entire large data set. Such smaller subsets of data are often required in exploratory analysis stages of studies that involve resource consuming investigations. A few recent studies have used a subtractive clustering method (SCM) for such data extraction, in the absence of clustering methods for function approximation. SCM, however, requires several parameters to be specified. This study proposes a clustering method, which requires only a single parameter to be specified, yet it is shown to be as effective as the SCM. A method to find suitable values for the parameter is also proposed. Due to having only a single parameter, using the proposed clustering method is shown to be orders of magnitudes more efficient than using SCM. The effectiveness of the proposed method is demonstrated on phase space prediction of three univariate time series and prediction of two multivariate data sets. Some drawbacks of SCM when applied for data extraction are identified, and the proposed method is shown to be a solution for them.