Using Fisher information and the Cramér-Rao lower bound, we analyse fundamental precision limits in the determination of spectral parameters in inelastic optical scattering. General analytic formulae are derived which account for the instrument response functions of the dispersive element and relay optics found in practical Raman and Brillouin spectrometers. Limiting cases of dispersion and diffraction limited spectrometers, corresponding to measurement of Lorentzian and Voigt lineshapes respectively, are discussed in detail allowing optimal configurations to be identified. Effects of defocus, spherical aberration, detector pixelation and a finite detector size are also considered.