First, calculate the total water available for irrigation in 8 hours:
\[
\text{Total water diverted} = 200 \, \text{L/s} \times 3600 \, \text{s/h} \times 8 \, \text{h} = 200 \times 28800 = 5760000 \, \text{L} = 5760 \, \text{m}^3.
\]
Next, account for the conveyance efficiency:
\[
\text{Water received by the field} = 5760 \times 0.75 = 4320 \, \text{m}^3.
\]
The application efficiency is the ratio of runoff to the water received by the field:
\[
\text{Application efficiency} = \frac{500}{4320} \times 100 = 11.57%.
\]
Thus, the application efficiency is approximately \(\boxed{11.57}%\).