A rail sensing and analysis system utilizes a laser sensor 105, 107 to detect displacement of a rail 102, 104 resulting from loads imposed by a passing rail vehicle. Vertical and/or lateral displacements/loads may be sensed. Signatures in the resulting signals are indicative of useful information about the rail vehicle; such as wheel condition, bearing condition, truck condition, degree of bogie hunting, total load, load distribution, etc. The ratio of Lateral over Vertical force (L/V) may be used as an evaluation criterion.