A diagnostic device (50) for coupling to a process control loop (18) includes digital communication circuitry (52) configured to receive a digital communication signal from the process control loop (18). The digital communication signal is a digitally modulated analog signal on the process control loop (18) which is modulated to a plurality of discrete analog signal levels representative of digital values. Diagnostic circuitry (54) diagnoses operation of the process control loop (18) which may include field devices of the process control loop based upon the digitally modulated analog signal.