The effect of reflection and transparency is superimposed in many real world scenes, which is caused by glass-like shiny and transparent materials. The presence of such incidental effect in a captured image has made it difficult to apply computer vision algorithms and has lead to erroneous results. Moreover, it disturbs the texture acquisition of the real-world scene. This paper presents an optimal method for the separation of reflection and transparency components. The method is based on the Epipolar Plane Image (EPI) analysis. The method is not like the ordinary edge-based EPI analysis, but instead it is an edge and color-based EPI analysis. To demonstrate the effectiveness of our method, we present the results of experiments using synthesized and real images which include indoor and outdoor scenes, from which we successfully extracted the reflection and transparency components from the input image sequences. . . .