This article emphasizes the urgent demand for measurements of university internationalization and proposes a new approach to develop a set of internationally applicable indicators for measuring university internationalization performance. The article looks into existing instruments developed for assessing university internationalization, particularly focusing on the methodological aspects. By examining the weaknesses of current instruments, a new approach for developing indicators for university internationalization has been proposed in the study. The new approach highlights the method for developing indicators, people who should be engaged in the process and the steps should be followed in indicator development. The study also provides a conceptual framework of university internationalization for developing the indicator set. Suggestions for further work are made at the end of the article.