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The main political parties contesting in the race have their sights set on a finish line further down the road: the presidential election just two months away.
Political heavyweights yesterday criss-crossed the island stumping for candidates in the hotly contested polls, which are regarded as a key indicator for the leadership race on March 22.
The ruling Democratic Progressive Party (DPP) and the main opposition Kuomintang (KMT) are locked in a fight for both elections.
Observers believe the party which wins today's polls will receive a substantial boost in its bid for the presidency.
Hence, how the Taiwanese vote today could have an impact on the most crucial issues confronting the island: political gridlock, cross-strait ties and its quest for an identity separate from China.
The significance is not lost on the parties, which campaigned feverishly into the final hours on the eve of election day.
Massive rallies, emotional speeches and tearful appeals for support marked the final day of an intensive campaign.
KMT presidential candidate Ma Ying-jeou spent yesterday campaigning in the southern port city of Kaohsiung.
The party is hoping to make significant inroads into the traditional DPP stronghold.
'Taiwan's economy and social order are getting worse. It is time for new blood and a different party to take over,' he told supporters in the island's second-largest city.
Observers predict a victory for the KMT, which is expected to clinch between 60 and 70 seats. A total of 113 seats are up for grabs in a legislature pared down from 225 seats.
The KMT, with the help of its allies, had secured a slim parliamentary majority in the last election in 2004.
This time, the party is hoping to widen its lead by seizing 75 seats - which would give it the decisive two-thirds majority needed to push through crucial Bills.
The KMT has pledged to turn around Taiwan's sluggish economy, and has hailed a parliamentary victory as a crucial prelude to winning the presidential polls.
The DPP, meanwhile, appears to be resigned to falling short of an absolute majority in the legislature. It has set itself a modest goal of winning 45 seats.
President Chen Shui-bian, who leads the DPP campaign, has warned voters that KMT could pass laws promoting reunification with China if it were to win a clear majority.
'Tomorrow's election is critical because Taiwan can't lose, and democracy and justice must win,' Mr Chen, who is DPP's chairman, told supporters at a rally in Kaohsiung.
Some observers say that the outcome is uncertain because of a newly overhauled electoral system.
While a parliamentary win is no guarantee of a presidential victory, a crushing defeat in today's elections could deal a severe blow to the morale of the losing party.
Some observers said that if one party were to win both polls, it could ease the political deadlock that has plagued Taiwan's divided government over the past eight years since the DPP came to power.
Said Professor Raymond Wu of Taiwan's Fu-jen University: 'People are tired of the paralysis under a divided government.'
