The diagnostic merits of high-speed (HS) exhaust gas temperature and pressure measurements for indexing engine stability and identifying abnormal combustion cycles are explored through experimental investigations on a low speed, single-cylinder engine. Exhaust temperature and pressure are measured using a fine wire 50 μm thermocouple and a piezoresistive pressure transducer, respectively. Synchronously recorded cylinder pressure data is used to continuously index combustion variations, and then anomalous combustion event detection and engine stability monitoring are attempted using HS exhaust temperature and pressure measurements. Two types of abnormal combustion cycles, namely, misfiring and overload cycles are used to typify low and high intensity anomalous combustion cycles, respectively. The results demonstrate that if suitable cyclic exhaust pressure and temperature metrics are used, anomalous combustion cycles can be identified, and overall combustion variability levels can be indexed. The comparative diagnostic performance of HS measured exhaust pressure and temperature and slow speed measured exhaust temperature are also discussed. A thermodynamic simulation of the engine and the HS thermocouple is used to provide theoretical support for the discussion by comparing measured and simulated “actual” exhaust temperature and identifying the flow, heat transfer, and thermodynamic influences that act as limits to the thermocouple's dynamic performance.