Physical changes induced in the spectral modulation sensor's optically resonant structure by the physical parameter being measured cause microshifts of its reflectivity and transmission curves, and of the selected operating segment(s) thereof being used, as a function of the physical parameter being measured. The operating segments have a maximum length and a maximum microshift of less than about one resonance cycle in length for unambiguous output from the sensor. The input measuring light wavelength(s) are selected to fall within the operating segment(s) over the range of values of interest for the physical parameter being measured. The output light from the sensor's optically resonant structure is spectrally modulated by the optically resonant structure as a function of the physical parameter being measured. The spectrally modulated output light is then converted into analog electrical measuring output signals by detection means. In one form, a single optical fiber carries both input light to and output light from the optically resonant structure. When more than one input measuring light wavelength is used, means may also be provided to divide the input light wavelengths into two portions and then take the ratio thereof. This provides several advantages simultaneously, such as enabling longer operating segments and microshifts to be used for greater sensitivity or detection range, and also eliminates certain errors caused by fluctuations in input light intensity or by changes in light intensity caused by optical fiber bending and optical fiber connectors.