A patient monitoring system may provide photoacoustic sensing based on an indicator dilution to determine one or more physiological parameters of a subject. The system may detect an acoustic pressure signal, which may include one or more thermo-dilution responses, one or more hemo-dilution responses, or a combination thereof. For example, a thermo-dilution indicator and/or a hemo-dilution indicator may be used to determine one or more hemodynamic parameters. In a further example, an isotonic indicator and a hypertonic indicator may be used to determine one or more hemodynamic parameters of the subject.
