A system and method for automatic measurement of video parameters for a video sequence using a video processor that has a software waveform monitor implemented as an integral part of a video processing application run by the video processor. Each frame of the processed video sequence, either in realtime as processed by the video processor, in near realtime after storage by the video processor in a storage device, or in the background for each video sequence stored in the storage device, is analyzed against specified parameters for legalization and/or color balancing of the video sequence. The analysis results may be reported as a display in several forms—an error image map, an error log, a timeline graphic, etc. The analysis results may also be provided to the video processor for automatic correction of the video sequence when the specified parameters are not satisfied.