A method for the analysis of exponential decay curves involving several kinetic components has been evaluated using simulated data. The method was originally developed for determination of fluorescence lifetimes and is applied here to data similar to those obtained in the measurement of rates of dissociation of metal–fulvic acid complexes in aqueous solutions. The method allows for a distribution of rate constants for dissociation of complexes instead of the single value for each complex obtained from the analysis used in previous studies from this laboratory. The signal-to-noise ratio of the data was a crucial factor in the distribution of the rate constants recovered from the analysis. Complexes with rate constants for dissociation differing by a factor of five were easily recovered, but when the difference was only a factor of two the resolution was not achieved even with a low level of noise. These tests were made with equal concentrations of each kinetic component. When the concentration of one kinetic component was reduced by a factor of 10, this species was not recovered in the analysis. These results clearly show the limits of resolution for individual kinetic components and the uncertainty expected in the values of the rate constants obtained by statistical analysis.