Rare earth elements (REE) were individual separated by applying the gradient elution via HPLC using ${alpha}-hydroxyisobutyric$ acid (HIBA) as an eluent. However, the overlap of Y and Dy peaks was too severe to obtain the resolution of these two peaks. The target transformation factor analysis (TTFA) was applied to resolve the elution peaks of Y and Dy. [A]$_{raw}$ formed from the absorbances of mixed solution was factor analyzed. The abstract factor analysis(AFA) was used to determine the number of components that contributed to the poorly resolved peaks. The error theory in the AFA showed that the number of components was 2. The test vectors which correspond to pure component were selected from the standard solutions of Y and Dy. TTFA was accomplished by target testing. The results showed that the resolution of two peaks as well as the determination of Y and Dy were possible by the factor analysis.