A system and method for use with a vehicle battery pack having a number of individual battery cells, such as a lithium-ion battery commonly used in hybrid electric vehicles. In one embodiment, the method evaluates individual battery cells within a vehicle battery pack in order to obtain accurate estimates regarding their average transient voltage effect, open circuit voltage (OCVCell) and/or state of charge (SOCCell) so that a cell balancing process can be performed. These cell evaluations may be performed fairly soon after the vehicle is turned off and in a manner that utilizes a minimal amount of in-vehicle resources.