The distinction between verbatim and gist memory traces has furthered the understanding of numerous phenomena in various fields, such as false memory research, research on reasoning and decision making, and cognitive development. To measure verbatim and gist memory empirically, an experimental paradigm and multinomial measurement model has been proposed but rarely applied. In the present article, a simplified conjoint recognition paradigm and multinomial model is introduced and validated as a measurement tool for the separate assessment of verbatim and gist memory processes. A Bayesian metacognitive framework is applied to validate guessing processes. Extensions of the model toward incorporating the processes of phantom recollection and erroneous recollection rejection are discussed.