WCAG3 updates its colour contrast calculations to use APCA (Advanced Perceptual Contrast Algorithm). This is an overhaul that should better align the objective results to human perceptions of colour.
The current calculation is the luminance of the foreground colour divided by the luminance of the background. Luminance is problematic as our sense of how light a colour is not perfectly correlated with its luminance value. If a colour's luminance is decreased by X%, it's not perceived as X% darker.
Unlike the old algorithm, ACPA:
The scoring system has changed in turn, rather than a ratio, it is now scored out of 100.