We experimentally revisit a technique of low‐cost multiparameter monitor for optical performance monitoring based on low frequency polarization modulation. A simplified calibration procedure, which significantly reduces the mathematical complexity and processing effort is proposed. Validation is achieved by carrying out relative optical power, wavelength, and differential group delay measurements. © 2012 Wiley Periodicals, Inc. Microwave Opt Technol Lett 54:1820–1824, 2012; View this article online at wileyonlinelibrary.com. DOI 10.1002/mop.26956