A apparatus for monitoring a downhole component is disclosed. The apparatus includes: an optical fiber sensor including a plurality of sensing locations distributed along a length of the optical fiber sensor; an interrogation assembly configured to transmit an electromagnetic interrogation signal into the optical fiber sensor and receive reflected signals from each of the plurality of sensing locations; and a processing unit configured to receive the reflected signals, select a measurement location along the optical fiber sensor, select a first reflected signal associated with a first sensing location in the optical fiber sensor, the first sensing location corresponding with the measurement location, select a second reflected signal associated with a second sensing location in the optical fiber sensor, estimate a phase difference between the first signal and the second signal, and estimate a parameter of the downhole component at the measurement location based on the phase difference.