A semiconductor device may include a semiconductor wafer, and a reference circuit carried by the semiconductor wafer. The reference circuit may include optical DUTs, a first set of photodetectors coupled to outputs of the optical DUTs, an optical splitter coupled to inputs of the optical DUTs, and a second set of photodetectors coupled to the optical splitter. The optical splitter is to be coupled to an optical source and configured to transmit a reference optical signal to the first set of photodetectors via the optical DUTs and the second set of photodetectors.