An optical blood monitoring system and corresponding method avoid the need to obtain a precise intensity value of the light impinging upon the measured blood layer during the analysis. The system is operated to determine at least two optical measurements through blood layers of different thickness but otherwise substantially identical systems. Due to the equivalence of the systems, the two measurements can be compared so that the bulk extinction coefficient of the blood can be calculated based only on the known blood layer thicknesses and the two measurements. Reliable measurements of various blood parameters can thereby be determined without certain calibration steps.
