Hyperpolarized 129Xe gas MRI provides a spatially resolved method of monitoring gas exchange function in the lungs via 3D reconstruction of RBC/gas and barrier/gas signals. However, the strength of these signals is affected by patient hemoglobin concentration (Hgb). Thus, correcting for Hgb is important for establishing normative healthy reference distributions and accurately assessing the degree of gas exchange impairment. Here, we use a 1D physical diffusion model to establish Hgb-dependent correction factors to standardize gas exchange MRI relative to a fixed Hgb value. This correction can result in substantial changes in the visualization and quantification of gas exchange MRI.