Dynamic susceptibility contrast MR imaging (DSC MRI) is a very promising quantitative imaging technique used increasingly as both a diagnostic and research tool. This technique quantifies susceptibility-induced (R2*) signal loss to assess tissue perfusion (blood supply) and viability. Development of reference phantoms is crucial to determine the in vitro accuracy, test‐retest repeatability, and inter-platform reproducibility of ∆R2* quantification protocols. Hence, we developed a static DSC phantom suitable for simple and reliable evaluation of acquisition methods to assess susceptibility changes across multiple scanners and time. We also finalized acquisition protocols and developed software to analyze the DSC phantom data.