Time-resolved electron paramagnetic resonance spectra (X-band) of correlated radical pairs created in AOT reverse micelles are presented and simulated using the microreactor model. They are discussed in terms of the two-site model with a particular emphasis on longitudinal relaxation mechanisms. The geminate radical pair is created by photo-oxidation of dyglicine by the excited triplet states of an anthraquinone salt. The strong chemically induced electron spin polarization observed is due to three mechanisms: TM, RPM, and SCRPM. Relative contributions from these mechanisms depend on the water pool volume and the time of observation. There are three types of longitudinal relaxation in radical pairs. The first is relaxation of the RPM induced longitudinal magnetization in spin correlated radical pairs. The second is the longitudinal relaxation in radical pairs which are not correlated (with a zero value of the double quantum coherence). In such pairs, the generation of longitudinal magnetization due to RPM is impossible, and the spin-selective recombination of the pairs is ineffective. Under all experimental conditions, the first type of relaxation is slower than the second type. For both, the physical mechanism leading to relaxation is modulation of the Heisenberg electron spin exchange interaction. This is an internal relaxation process. The third relaxation type occurs in radical pairs due to ordinary longitudinal relaxation in non-interacting radicals. Normally, relaxation of the third type is the slowest of the three. This explains time and micelle size dependence of the relative contribution of RPM into TREPR spectra. It seems reasonable to suggest that the creation of the initial spin state populations is partially adiabatic.