A method of extracting circuit parameters from picosecond-scale photon timing measurements is disclosed. In one embodiment, the method is implemented by a system that comprises a photomultiplier, a data acquirer, and a processing module. The photomultiplier detects photons emitted from current-carrying channels in an integrated circuit, and associates a detection position and a detection time with each detected photon. The data acquirer receives position and time signals from the photomultiplier, and further receives a trigger signal. The data acquirer determines a relative detection time for each photon by combining the time and trigger signals. The data acquirer gradually compiles the photon detection data and makes it available to the processing module. The processing module responsively determines optimal values for a parameterized model of the data. The model is preferably based on non-homogeneous Poisson process statistics, and may employ a maximum likelihood approach to estimating the optimal values.