A relationship between the dimensionless thermoelectric figure of merit, ZT , and the ratio of the open-circuit temperature difference, Δ T o , and the short-circuit temperature difference, Δ T s , is reported. Equivalent relationship between ZT and the open circuit voltage, V o , and short-circuit current, I s , are also obtained. Both relationships provide a theoretical basis for the development of a novel, user-friendly and low cost technique for rapid and accurate measurement of the thermoelectric dimensionless figure of merit.