A method for operating a Mobile Station (MS) in a Multiple Input Multiple Output (MIMO) wireless communication system is provided. The method includes measuring channel quality for a serving Base Station (BS), if the channel quality is less than a threshold, measuring interference power from one or more neighbor BSs, determining a Precoding Matrix Index (PMI) and a priority metric for each neighbor BS, and feeding back at least one of the PMI, a PMI type indicator, the priority metric, and the channel quality to the serving BS.