Phasor FLIM in cells undergoing oxidative stress and in mice liver sections have shown the presence of a third autofluorescent component indicative of lipid droplets along with free and enzyme-bound NADH with similar emissions. This third component affects the position and shape of the phasor distribution, pushing it away from the metabolic trajectory. Phasor rule of addition is still valid and was exploited here to create a multicomponent analysis where the phasor distribution can be reassigned to the metabolic trajectory and changes in metabolism can be detected independently of the intensity of this third component. Calculation of multiple components from FLIM imaging data of biological systems is a difficult process, especially if different fluorescent species are present at the same pixel. This paper describes the methodology that can be used to separate these multiple components when they are present in the phasor signature acquired in a single pixel of an image.