The absorption and scattering coefficient of a macroscopically homogeneous strongly scattering medium (lipid emulsion) containing Methylene Blue is quantitatively measured in the spectral range from 620 to 700 nm. We conduct the measurements in the frequency domain by using a light-emitting diode (LED) whose intensity is modulated at a frequency of 60 MHz. We derive an analytical expression for the absorption and scattering coefficients that is based on a two-distance measurement technique. A comparison with other measurement protocols such as measurement at two modulation frequencies shows that the two-distance method gives a better determination of the scattering and absorption coefficients. This study highlights the efficiency and ease of use of the LED technique, which lends itself to in vivo spectroscopy of biological tissues.