A new method of measuring the amount of coalescence that occurs between drops during the emulsification process is proposed. The method uses a hydrophobic fluorescent probe, which is introduced into a fraction of the oil phase that is to be homogenized. The ratio of the intensity of the excimer peak to the intensity of the monomer peak in the fluorescent emission spectrum is sensitive to the concentration of the probe in the oil phase. Random coalescence events between oil drops lead to redistribution of the probe and its effective dilution in the oil phase. Coalescence results in a decrease in the intensity ratio in the fluorescence spectrum obtained from the ensemble of drops. Monte Carlo simulation is used to relate the change in intensity ratio to the coalescence rate. It is experimentally verified that the signal change is only due to coalescence and is not affected by the drop size of the distribution.