A remote network monitor for monitoring transaction-based protocols such as HTTP receives and analyzes protocol requests and associated responses, and derives therefrom a parameter associated with round-trip network latency. For example, TCP/IP acknowledgement packets can be used to deduce network latency. Such network latency and total latency parameters can be used to determine which portion of total latency can be attributable to the network and which portion is attributable to node processing time (e.g., server and/or client processing). A plurality of remotely located network monitors (and/or monitors co-located with servers and/or clients) can be used to derive and report on actual latency experienced throughout the network.