A method for measuring a saturated photorefractive index and a recording time constant to correct the precision includes measuring the diffraction efficiency as a function of time for both phase matching and phase mismatching. The saturated photorefractive index and the recording time constant are verified by substitution into a theoretical formula derived from the Coupled Wave Theory. Thus, the method allows a precise determination of the dynamic range of volume holographic memories and thus their storage capacities. The same procedure can also apply to photopolymers.