Process or step-wise supervision has played a crucial role in advancing complex multi-step reasoning capabilities of Large Language Models (LLMs). However, efficient, high-quality automated process annotation remains a significant challenge. To address this, we introduce Single-Pass Annotation with Reference-Guided Evaluation (SPARE), a novel structured framework that enables efficient per-step annotation by jointly aligning solution steps to reference solutions and determine its accuracy with explicit reasoning in single generation. We demonstrate SPARE's effectiveness across four diverse datasets spanning mathematical reasoning (GSM8K, MATH), multi-hop question answering (MuSiQue-Ans), and spatial reasoning (SpaRP), showing consistent improvements in two applications: (1) training Process Reward Models (PRMs) for ranking and aggregating multiple generations, and (2) fine-tuning models via offline reinforcement learning for greedy decoding. On ProcessBench, SPARE demonstrates data-efficient out-of-distribution generalization, using only $\sim$16% of training samples compared to human-labeled and other synthetically trained baselines. Additionally, it achieves competitive performance with MCTS-based methods while offering 2.3$\times$ speedup in terms of total token count. Manual analysis reveals complementary precision-recall characteristics with MCTS approaches, suggesting potential for ensemble methods. These results establish SPARE as a practical and scalable solution for automatic process supervision in LLM reasoning.