Wave plates (WPs) are key components in optical polarization systems whose phase retardations and fast axis azimuths should be determined accurately. At present many measurement methods are based on light intensity detection which is inevitably affected by light intensity fluctuations so that the measurement accuracy is limited. What’s more, quite a few methods cannot measure WPs’ fast axis azimuths simultaneously. In this paper a method of simultaneously measuring the phase retardation and fast axis azimuth of arbitrary WP is proposed, which is based on equivalent component and phase detection. A rotatable half wave plate (HWP) and a retroreflector are used and its effect is equivalent to measuring an equivalent WP whose phase retardation is twice that of the measured wave plate, which is equivalent to doubling the measurement resolution. Phase detection is used to process the signals which means the measurement accuracy is better than that by usual light intensity detection. What’s more, the presented method eliminates the angle positioning errors of birefringent components in principle which exists in many present WP measurement methods. Finally, the measurement system setup is simple as well as the measurement process. The measurement formulae are deduced and corresponding WP measuring system is established. The error analysis shows that the system measurement uncertainty is about 3.9′ for the phase retardation and 5” for the fast axis azimuth. Experiment results and comparisons of quarter WPs and HWPs show that the presented method is in good agreement with other method. The phase retardation measurement repeatability is also good with a standard deviation about 2′.