Several trends within the simulation and training industry are emphasizing the need for measurable proof that training solutions meet or exceed the requirements for delivering effective training. Cognitive state is a key component of learning, meaning that classification of cognitive state and capacity can provide a measure of training effectiveness. However, accurate classification of trainee state is an extremely challenging task. The more traditional subjective assessment methods have several limitations, while objective assessment methods can be difficult to implement. We conducted an exploratory study that evaluated the cognitive and physiological load engaged during flight simulation and live flight during maneuvers of three levels of difficulty. The study represents the work performed to date in the first year of a multi-year effort to design a method for assessing the efficacy of training content and devices, including live platforms, that is based on objective cognitive state assessment techniques coupled with control input and mission/platform performance measures. The method employs NeuroTracker, a validated tool for evaluating or training perceptual-cognitive skills, to measure spare cognitive capacity, and physiological measures of workload based on analysis of eye tracking and electrocardiogram data. This paper briefly summarizes the design, implementation, and initial results of this study. It summarizes the next steps required to further refine the proposed method for assessing training efficacy and describes the planned follow-on effort. Finally, it discusses additional applications of this method in military and commercial training markets, such as the real-time adaptation of training content to trainee skill level and state.