The application of gravitational wave (GW) detections to probe and understand the dynamics of compact binaries in the strong gravity regime is dependent on two ingredients (i) construction of a bank of waveform templates to analyse the data observed in the detectors through match filtering and (ii) performing a Bayesian analysis on the detectors’ data using these waveform templates to infer the properties of the system. Consequently, this thesis is divided into two parts; (i) construction of an analytical waveform model within the EOB formalism for massless scalar-tensor theories, and (ii) improving inference of properties of neutron stars using the GR-based waveform approximants for our analysis.