This paper presents the development of a unique method for experimental determination of wheel–rail contact forces and contact point position by using the instrumented wheelset (IWS). Solutions of key problems in the development of IWS are proposed, such as the determination of optimal locations, layout, number and way of connecting strain gauges as well as the development of an inverse identification algorithm (IIA). The base for the solution of these problems is the wheel model and results of FEM calculations, while IIA is based on the method of blind source separation using independent component analysis. In the first phase, the developed method was tested on a wheel model and a high accuracy was obtained (deviations of parameters obtained with IIA and really applied parameters in the model are less than 2%). In the second phase, experimental tests on the real object or IWS were carried out. The signal-to-noise ratio was identified as the main influential parameter on the measurement accuracy. Тhе obtained results have shown that the developed method enables measurement of vertical and lateral wheel–rail contact forces Q and Y and their ratio Y/Q with estimated errors of less than 10%, while the estimated measurement error of contact point position is less than 15%. At flange contact and higher values of ratio Y/Q or Y force, the measurement errors are reduced, which is extremely important for the reliability and quality of experimental tests of safety against derailment of railway vehicles according to the standards UIC 518 and EN 14363. The obtained results have shown that the proposed method can be successfully applied in solving the problem of high accuracy measurement of wheel–rail contact forces and contact point position using IWS.