Air/fuel imbalance monitoring systems and methods for monitoring air/fuel ratio imbalance of an internal combustion engine are disclosed. In one embodiment, adjusting engine operation responsive to cylinder air/fuel imbalance based on a determined total number of instances where sensed peak-to-peak exhaust air-fuel ratios differentials are less than a threshold normalized to a total number of peak-to-peak oscillations. The approach can be used to indicate air/fuel ratio imbalances between engine cylinders.