Methods and systems are provided for accurately determining the composition of a knock control fluid using sensors already present in the engine system. An intake oxygen sensor is used to estimate the water and the alcohol content of a knock control fluid that is direct injected into an engine cylinder responsive to an indication of abnormal combustion. A change in the pumping current of the oxygen sensor due to the water content of the knock control fluid is distinguished from a change in the pumping current of the oxygen sensor due to the alcohol content of the knock control fluid, while compensating for interfering effects of intake air diluents on the change in pumping current.