Generators of Invariants of Two $4 \times 4$ Matrices

Over a field of characteristic 0, the algebra of invariants of several $n\times n$ matrices under simultaneous conjugation by $GL_n$ is generated by traces of products of generic matrices. In this paper we have found, in terms of representation theory of $GL_2$, a minimal set of generators of the algebra of invariants of two $4\times 4$ matrices. The proof is purely combinatorial and involves computer calculations with standard functions of Maple.