The relaxation spectrum is estimated from dynamic experiments using Bayesian analysis and a new regularization constraint. In the Bayesian framework, a probability can be calculated for each estimate of the spectrum. This offers several advantages; (1) an optimal estimate of the relaxation spectrum may be calculated as the mean of a large number of estimates, and (2) reliable errors for the optimal estimate can be provided using the deviation of all estimates from the mean. Furthermore, the Bayesian approach (3) gives an estimate of the overall noise level of the experiment, which is usually an important but unknown parameter for the calculation of relaxation spectra from dynamic experiments by indirect methods (determining the regularization parameter), and finally, (4) the information content in a given set of experimental data can be quantified. The validity of the Bayesian approach is demonstrated using simulated data.