A rapid method of simultaneous T1 and T2 measurement is presented which uses a segmented echo‐planar readout with varying repetition times (TR) and echo times (TE). This method is useful in T1 mapping for analysis of dynamic contrast enhanced MRI (DCE‐MRI), where T1 can be used to estimate contrast agent concentration. In the application of this method to dynamic imaging, the equilibrium magnetization is measured on pre‐contrast images and incorporated into post‐contrast T1 calculations for improved accuracy. Simultaneous T2 measurement allows correction of T2 effects in the T1 map which may occur at high contrast agent concentrations, and is performed without significant imaging time penalty. Phantom and invivo results show the usefulness of this technique for analysis of contrast enhancement kinetics. Accurate rapid contrast agent concentration measurement may be useful for analyzing the distribution and kinetics of contrast agents or labeled pharmaceuticals. Copyright © 2009 John Wiley & Sons, Ltd.