We present a method to measure the decay rate of the first excited vibrational state of polar molecular ions that are part of a Coulomb crystal in a cryogenic linear Paul trap. Specifically, we have monitored the decay of the |ν = 1, J = 1)(X) towards the |ν = 0, J = 0)(X) level in MgH+ by saturated laser excitation of the |ν = 0, J = 2)(X)-|ν = 1, J = 1)(X) transition followed by state selective resonance enhanced two-photon dissociation out of the |ν = 0, J=2)(X) level. The experimentally observed rate of 6.32(0.69) s(-1) is in excellent agreement with the theory value of 6.13(0.03) s(-1) (this Letter). The technique enables the determination of decay rates, and thus absorption strengths, with an accuracy at the few percent level.