Internalization of higher education will be remembered as one of the major challenges and accomplishments of the last two decades. This paper introduces the concept of qualitative and quantitative tracking measures to enable a monitoring of progress and quality toward specified objects or targets. The purpose of this paper is: (1) to emphasize the importance of monitoring and evaluating internalization initiatives; (2) to introduce to preliminary measures to track the progress and quality of different elements and strategies of internalization; and (3) to review existing quality assessment and assurance instruments which can be applied to internationalization. The concept of indicators is not new to higher education, but it is relatively new to international education. The importance of monitoring and evaluating internationalization initiatives is explored.