A Raman spectrometer optically separates an optical signal scattered by a sample from an incident excitation light beam into an unshifted return component at a first wavelength and one or more Raman scattered components at shifted wavelengths characteristic of the sample. The unshifted return component—but not the Raman scattered components—is attenuated prior to impinging on an optical detector. The unshifted return then serves as the basis for real-time calibration to account for fluctuations in optical intensity, wavelength shift, and/or spectral peak width, based on a comparison of the unshifted return peak to a reference standard for stable reflectance.