We present a method for precisely measuring the tunnel splitting in single-molecule magnets using electron-spin resonance, and use these measurements to precisely and independently determine the underlying transverse anisotropy parameter, given a certain class of transitions. By diluting samples of the SMM Ni$_4$ via co-crystallization in a diamagnetic isostructural analogue we obtain markedly narrower resonance peaks than are observed in undiluted samples. Using custom loop-gap resonators we measure the transitions at several frequencies, allowing a precise determination of the tunnel splitting. Because the transition under investigation occurs at zero field, and arises due to a first-order perturbation from the transverse anisotropy, we can determine the magnitude of this anisotropy independent of any other Hamiltonian parameters. This method can be applied to other SMMs with tunnel splittings arising from first-order transverse anisotropy perturbations.