This work presents a method, based on measurements of the optical extinction spectra, to determine the size of spherical gold nanoparticles produced using the femtosecond laser ablation process in deionized water. By using an improved theoretical model that modifies the contribution of the free electrons to the dielectric function introducing a size-dependent term, it is possible to fit the full experimental extinction spectrum considering a certain size distribution. Additionally, in order to obtain complementary measurements of the size distribution, TEM analysis was performed. The results obtained showed that the predominant nanoparticle size distribution ranges from 1 to 11 nm in terms of radii. An optical extinction measurement together with an appropriate theoretical model based on Mie’s theory represents a simple, low-cost, fast and easy method to describe a multimodal size distribution of spherical gold nanoparticles.