For many, especially complex, systems, modern spectroscopic measurements can be generated as large experimental data sets in matrix form. We report a new algorithm for the application of matrix rank analysis to extract significant experimental information from these large matrixes. The algorithm may be used to detect and remove erroneous rows and/or columns from the matrixes and to monitor the most significant experimental information along the rows and/or columns of the data sets. A new method for determining the number of absorbing species and a new concept for the treatment of experimental errors are presented. The algorithm is illustrated on real experimental examples.