Accreting neutron stars in low-mass X-ray binaries are candidate high-frequency persistent gravitational wave sources. These may be detectable with next-generation interferometers such as Advanced LIGO/VIRGO within this decade. However, the search sensitivity is expected to be limited principally by the uncertainty in the binary system parameters. We combine new optical spectroscopy of Cyg X-2 obtained with the Liverpool Telescope with available historical radial velocity data, which gives us improved orbital parameter uncertainties based on a 44 year baseline. We obtained an improvement of a factor of 2.6 in the orbital period precision and a factor of 2 in the epoch of inferior conjunction T 0. The updated orbital parameters imply a mass function of 0.65 ± 0.01 M ⊙, leading to a primary mass (M 1) of 1.67 ± 0.22 M ⊙ (for i = 62.{}^\circ 5+/- 4^\circ ). In addition, we estimate the likely orbital parameter precision through to the expected Advanced LIGO and VIRGO detector observing period and quantify the corresponding improvement in sensitivity via the required number of templates.