Although incidence matrix representation has been used to analyze the Petri net based models of a system, it has the limitation that it does not preserve reflexive properties (i.e., the presence of self-loops) of Petri nets. But in many practical applications self-loops play very important roles. This paper proposes a new representation scheme for general Petri nets. This scheme defines a matrix called "reflexive incidence matrix (RIM) C^r," which is a combination of two matrices, a "base matrix C^b," and a "power matrix C^p." This scheme preserves the reflexive and other properties of the Petri nets. Through a detailed analysis it is shown that the proposed scheme requires less memory space and less processing time for answering commonly encountered net queries compared to other schemes. Algorithms to generate the RIM from the given net description and to decompose RIM into input and output function matrices are also given. The proposed Petri net representation scheme is very useful to model and analyze the systems having shared resources, chemical processes, network protocols, etc., and to evaluate the performance of asynchronous concurrent systems.