System and method for use in optical monitoring of a sample. The system comprising: a light source unit (140) for providing collimated illumination; polarization modulation unit (160) located in optical path of light propagating from the light source unit; a lens unit (120) for focusing light onto an illumination spot on a surface of a sample, and for collection of light components returning from the sample; a light collection unit configured for collecting light returning from the sample and generate output image data associated with Fourier plane imaging with respect to surface of the sample; and a control unit (500) configured processing said data in accordance with said system calibration. The method provides calibration data, and comprising: providing reference data indicative of complex refractive index of the reference samples on at least two reference samples; collecting ellipsometry data for said at least two reference samples using the ellipsometry system, generating output data having a plurality of data pieces, each associated with unknown angular direction; and for each data piece corresponding to an unknown angular direction, determining simultaneously system parameters and angle of incidence in accordance with corresponding parameters of the reference data to thereby determine calibration data.