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A modified quantitative microstructure characterization technique has been developed based on constituent chord-length distribution (CLD). The modified technique, called the categorical CLD (CCLD), is capable of quantifying both size and volume fraction of the constituent of interest in a multi-constituent microstructure as a function of adjacent microstructure. The capability of the CCLD is demonstrated by its application to the investigation of the effect of microstructure on the stability of retained austenite (RA) during mechanical deformation in transformation-induced plasticity steels. By quantifying microstructures deformed to different levels of strains, it is found that RA is stabilized by fine grain size and adjacent bainitic ferrite.