The present disclosure provides systems and methods which may assist in evaluating liver fibrosis/inflammation in the presence of elevated iron using magnetic resonance relaxometry. In a non-limiting embodiment, the systems and methods include: obtaining a measurement of relaxometry data of a subject's liver for extracellular fluid, preferably using a magnetic resonance imaging (MRI) device; determining an iron content for the liver; simulating a measurement of the subject's liver for extracellular fluid for the determined iron content; comparing the measurement of the subject's liver for extracellular fluid to the simulated measurement of the subject's liver for extracellular fluid; and determining from said comparison a value of extracellular fluid in the subject's liver based on a normal iron content for the liver. The simulation can include multi-compartment modeling of various fractions of extracellular fluid in the liver and the impact of iron content in the liver on both the intra- and extracellular relaxation times.