The fabrication of a solid, holographically recorded Fabry-Perot interferometer that uses plate glass for the spacer has recently been reported. The component produced sharp, circular Fabry-Perot fringes in spite of its use of a plate-glass spacer. We develop a general theoretical characterization of such a component that accounts for its low sensitivity to spacer-thickness variations. We use the Kogelnik theory of volume holograms to calculate the phase change on reflection from the mirrors. This phase change results from the position of the fringes formed throughout the two holographic media during the recording process. An expression for the wavelength location of the transmission peak versus spacer-thickness variation is derived that agrees with the current experimental information available.