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Connectivity analyses and computational modeling of human brain function from fMRI data frequently require the specification of regions of interests (ROIs). Several analyses have relied on atlases derived from anatomical or cyto‐architectonic boundaries to specify these ROIs, yet the suitability of atlases for resting state functional connectivity (FC) studies has yet to be established. This article introduces a data‐driven method for generating an ROI atlas by parcellating whole brain resting‐state fMRI data into spatially coherent regions of homogeneous FC. Several clustering statistics are used to compare methodological trade‐offs as well as determine an adequate number of clusters. Additionally, we evaluate the suitability of the parcellation atlas against four ROI atlases (Talairach and Tournoux, Harvard‐Oxford, Eickoff‐Zilles, and Automatic Anatomical Labeling) and a random parcellation approach. The evaluated …