Compositions, methods of synthesis and applications of phospholipase A
2
(PLA
2
) specific enzyme substrates which exhibit fluorescence resonance energy transfer (FRET) are described. The compounds generally have the structure: (I) wherein, the variables are described throughout the application. These novel compounds provide a sensitive method to monitor real time PLA
2
specific enzyme activities in various cells, tissues and small organisms with fluorescence-ratiometric analysis.