A system for, and method of, monitoring link delays and faults in an IP network. In one embodiment, the system includes: (1) a monitoring station identifier that computes a set of monitoring stations that covers links in at least a portion of the network and (2) a probe message identifier, coupled to the monitoring station identifier, that computes a set of probe messages to be transmitted by at least ones of the set of monitoring stations such that the delays and faults can be determined.