The formability curves of AZ31B magnesium and 5083 aluminum alloy sheets were constructed using the pneumatic stretching test at two different sets of forming conditions. The test best resembles the conditions encountered in actual hydro/pneumatic forming operations, such as the superplastic forming (SPF) and quick plastic forming (QPF) techniques. Sheet samples were deformed at (400 °C and 1 × 10−3 s−1 ) and (450 °C and 5 × 10−3 s−1 ), by free pneumatic bulging into a set of progressive elliptical die inserts. The material in each of the formed domes was forced to undergo biaxial stretching at a specific strain ratio, which is simply controlled by the geometry (aspect ratio) of the selected die insert. Material deformation was quantified using circle grid analysis (CGA), and the recorded planar strains were used to construct the forming limit curves of the two alloys. The aforementioned was carried out with the sheet oriented either along or across the direction of major strains in order to establish the relationship between the material’s rolling direction and the corresponding limiting strains. Great disparities in limiting strains were found in the two orientations for both alloys; hence, a “composite FLD” is introduced as an improved means for characterizing material formability limits.