Wireless Mesh Networks (WMNs) have evolved into a wireless communication technology of immense interest. But technological advancements in WMNs have inadvertently spawned a plethora of network performance bottlenecks, caused primarily by the rise in prevalent interference. Conflict Graphs are indispensable tools used to theoretically represent and estimate the interference in wireless networks. We propose a generic algorithm to generate conflict graphs which is independent of the underlying interference model. Further, we propose the notion of radio co-location interference, which is caused and experienced by spatially co-located radios in multi-radio multi-channel WMNs. We experimentally validate the concept, and propose a new all-encompassing algorithm to create a radio co-location aware conflict graph. Our novel conflict graph generation algorithm is demonstrated to be significantly superior and more efficient than the conventional approach, through theoretical interference estimates and comprehensive experiments. The results of an extensive set of ns-3 simulations run on the IEEE 802.11g platform strongly indicate that the radio co-location aware conflict graphs are a marked improvement over their conventional counterparts. We also question the use of total interference degree as a reliable metric to predict the performance of a Channel Assignment scheme in a given WMN deployment. © 2015, Springer Science+Business Media New York.