Methods, systems, and computer readable media for precise measurement of switching latency of packet switching devices are disclosed. One method includes steps implemented in a network equipment test device including at least one processor. The method includes transmitting frames to a device under test. The method further includes receiving one of the transmitted frames from the device under test. The method further includes determining a measured latency of the device under test based on a difference between a time that the one frame was transmitted to the device under test and a time that the one frame was received from the device under test. The method further includes determining an indication of backlog latency of the device under test caused by the device under test inserting a virtual lane marker in traffic transmitted to the network equipment and reporting the indication of the backlog latency.