The primary objective of this research was to develop and optimize the calibration techniques for ultrasonic hydrophone probes in acoustic field measurements up to 100 MHz. Dependable, 100 MHz calibration method was necessary to examine behavior of the sub-millimeter fiber optic (FO) sensor and assess the need for such a sensor as an alternative tool for high frequency characterization of ultrasound fields. Also of interest was to investigate the feasibility of using FO probes in high intensity fields such as those employed in HIFU (High Intensity Focused Ultrasound) applications. The innovative elements of this research include implementation of a prototype FO sensor with an active diameter of about 10 µm that exhibits uniform frequency range and does not require any spatial averaging correction procedure up to about 75 MHz. The sensor is also sufficiently robust to measure fields generated by HIFU transducers. Accordingly, to test the FO probe behavior a novel 100 MHz bandwidth calibration technique was developed. This technique provided the sensitivity of conventional, finite aperture piezoelectric hydrophone probes as a virtually continuous function of frequency and allowed the verification of the uniformity of the FO sensor frequency response. As anticipated, the overall uncertainty of the calibration was dependent on frequency and determined initially to be about ±12% up to 40 MHz, ±20% up to 60 MHz and ±25% up to 100 MHz. Comparison of these data with those obtained from an independent laboratory is presented and a possibility of using the FO sensor as a reference tool to determine the phase response of finite aperture hydrophones is briefly discussed. Finally, the attempt is made to answer the question posed in the title. The outcome of this research indicates that once fully developed and calibrated, the combined acousto-optic system will form an important breakthrough in acoustic measurements of both diagnostic and therapeutic fields.