A measurement system includes a clock recovery system and a measurement module coupled to the clock recovery system. The clock recovery system has an associated response characteristic. The clock recovery system receives an input signal and recovers a clock signal from the input signal. The measurement module is coupled to the clock recovery system and measures a phase error signal received from the clock recovery system, time-referenced to a trigger signal that is applied to the measurement module, where the phase error signal represents the phase difference between the input signal and the recovered clock signal. A processor applies the associated response characteristic to the measured phase error signal to determine the phase of the input signal.