In this study, the dynamic interfacial properties between an isotropic polymer and a thermotropic liquid crystalline polymer (TLCP) were investigated by measuring the time-dependent interfacial tension between them. As a TLCP drop retracts in a flexible polymer matrix, the evolution of its shape is recorded by microscopy. By fitting the ellipsoidal model of Maffettone and Minale, the model of Marrucci and Santo, and large deformation ellipsoidal models by Jackson-Tucker and Yu-Bousmina, the interfacial tension could then be determined. It was found that the retraction of a TLCP ellipsoidal drop in a flexible polymer cannot be described by these models as accurately as in Newtonian systems. The apparent interfacial tension obtained from these models evolves with time; the evolution is ascribed to the slow relaxation of domain orientation within the TLCP drop.