A method and apparatus is disclosed for measurement and monitoring of in-band optical signal to noise ratio (OSNR). A two channel optical spectrum analyzer (OSA) is advantageously applied in acquiring wavelength division multiplex (WDM) signal data after it has been split according to polarization, then deriving the in-band OSNR from acquired data due to its narrow bandwidth, selective spectral shape, and capability to analyze two components of a polarized signal simultaneously. The in-band OSNR can be measured without interrupting optical transmission traffic in the network.