An operating method of a semiconductor device includes monitoring multiple request packets and multiple response packets that are being transmitted between a master device and a slave device. A target request packet that matches predefined identification (ID) information is detected from among the request packets. An operation of a latency counter is initiated. The operation is for measuring the latency of a communication exchange (transaction) that includes the target request packet and a target response packet that is one of the response packets that matches the predefined ID information. The target response packet is detected from among the response packets. The operation of the latency counter is terminated. A latency value of the communication exchange is acquired from the latency counter.