In this paper, a general method to calibrate the absorption coefficient of an absorber and the reduced scattering coefficient of a liquid diffusive medium, based on time-resolved measurements, is reported. An exhaustive analysis of the error sources affecting the estimation is also performed. The method has been applied with a state-of-the-art time-resolved instrumentation to determine the intrinsic absorption coefficient of Indian ink and the reduced scattering coefficient of Intralipid-20%, with a standard error smaller than 1% and 2%, respectively. Finally, the results have been compared to those retrieved for the same compounds by applying a continuous wave method recently published, obtaining an agreement within the error bars. This fact represents a cross validation of the two independent calibration methods.