By modeling extruded unilamellar lipid vesicles as thin-walled ellipsoidal shells, mathematical analysis provides simple equations which relate the mean elongation and other morphological characteristics of a vesicle population to quantities readily obtained from combined static and dynamic light scattering measurements. For SOPC vesicles extruded through a 100 nm pore-size filter into a 72.9 mm NaCl solution, the inferred elongation ratio (vesicle long axis to short axis) is approximately 3.7±0.6. When these vesicles were dialyzed into hypertonic or hypotonic solutions, this elongation ratio varied from 1 (for spherical liposomes) in strongly hypotonic solutions to greater than 6 in increasingly hypertonic solutions, beyond which abrupt morphological transformations appear. These results are quantitatively consistent with a mechanism of vesicle formation by extrusion and with the expectation that vesicle volumes change to equalize internal and external osmolarity via water flow, subject to the constraint of constant bilayer area. Our analysis also provides simplified equations to assess the effects of vesicle elongation and polydispersity on liposome parameters that are commonly required to characterize vesicle preparations for diverse applications. The implications of this study for routine light scattering characterization of extruded vesicles are discussed.