The mathematical analysis and parameter‐extraction process for a new characterization method are presented. This method allows simultaneous measurement of the minority‐carrier lifetime, diffusion coefficient, and diffusion lengths as well as surface recombination velocity. The technique employs semi‐infinite two‐dimensional photodiodes and uniform, instead of focused, illumination. The paper deals with the derivation of exact closed‐form solutions associated with two‐dimensional devices and discusses the simultaneous extraction of minority‐carrier transport parameters.