New methods to study dynamics in lipid bilayers are of interest particularly where they may bridge the gap between conventional experimental techniques and molecular dynamics simulations. Fast field cycling nuclear magnetic resonance relaxometry can provide valuable information as it is sensitive to dynamic processes that occur over a broad time scale. By analysis of data recorded for large unilamellar liposomes composed of 1,2-dimyristoyl-sn-glycero-3-posphocholine (DMPC) or 1,2-dioleoyl-sn-glycero-3-posphocholine (DOPC) at different temperatures and sizes, we validate an evidence-based approach to studying dynamics by relaxometry. Specifically, the number and form of the spectral density contributions from a range of dynamic processes are determined. This success of the approach strongly suggests its general applicability for the study of dynamics in membranes of more complex composition and for parameterizing molecular dynamics simulations.