We have investigated magnetization and magnetic anisotropy in Ni/Pd multilayer films, prepared by de magnetron sputtering at 7 mTorr Ar sputtering pressure. Interestingly, enhanced magnetization was found in this system, due to the polarization of Pd. Delicate in situ stress and ex situ magnetostriction measurements were performed to quantitatively determine the magnetoelastic contribution to the perpendicular magnetic anisotropy in this system. The magnetoelastic anisotropy varied from 2.8 x 10(5) to 4.2 x 10(5) erg/cm(3), which was found to be 50 - 75% of the maximum anisotropy energy.