Disclosed are systems and methods for monitoring drilling fluid components in real time. One system includes a flow path fluidly coupled to a borehole and containing a drilling fluid having at least one component present therein, an optical computing device arranged in the flow path and having at least one integrated computational element configured to optically interact with the drilling fluid and thereby generate optically interacted light, and at least one detector arranged to receive the optically interacted light and generate an output signal corresponding to a characteristic of the at least one component.