Deep levels have a great influence on the recombination behavior of the free carriers in semiconductors. For several years PICTS has been used to investigate the deep levels in high resistivity material such as GaAs or CdTe used in detector applications. An important feature of the PICTS measurements is the analysis of the current transients after pulse excitation. We propose using a new method based on Tikhonov regularization. This method was implemented in the program FTIKREG (Fast Tikhonov Regularization) by one of the authors. The superior resolution of the regularization method in comparison to conventional techniques is shown using simulated data. Moreover, the method is applied to investigate deep levels in CdTe:Cl, SI-GaAs and GaAs:Cr samples used for room temperature radiation detectors. A relation between deep level properties and detector performance is proposed.