We have developed an integrated network map of lipid metabolism and signaling pathways containing glycerophospholipids, glycerolipids, sphingolipids and eicosanoids based on the literature and the KEGG pathways. The matrix-based approach was used to estimate rate constants using experimental data. The system was modeled as a set of ordinary differential equations. The flux expressions were based on law of mass action kinetics. Thus, the flux expressions are linear in rate parameters and nonlinear in metabolite concentrations. In order to use linear algebra-based methods for estimating the rate constants, the pathway map was simplified to retain only the measured metabolites and discretization was used to convert the differential relationships into algebraic relationships. The proposed matrix-based approach uses Matlab's optimization functions lsqlin (constrained least squares-based optimization) and fmincon (general constrained nonlinear optimization). The function lsqlin provides a good initial guess for the values of rate parameters which are then used in the function fmincon. This makes the overall process computationally efficient. The resulting model fits the experimental data well for all species and demonstrate that the integrated metabolic and signaling network and the experimental data are consistent with each other.