A well system includes a fiber optic cable positionable downhole along a length of a wellbore and a reflectometer communicatively coupleable to the fiber optic cable. The reflectometer detects and locates a microseismic event using strain detected in reflected optical signals received from the fiber optic cable. Further, the reflectometer computes a set of spectra for waveforms of the microseismic event. Additionally, the reflectometer aggregates each spectrum from the set of spectra that meet an acceptance threshold to generate an aggregate spectrum. Furthermore, the reflectometer applies a fault source model to the aggregate spectrum to determine a magnitude of the microseismic event.