In this work a radio-frequency self-referencing WDM intensity-based fiber-optic sensor operating in reflective configuration and using virtual instrumentation is presented. The use of virtual delay lines at the reception stage, along with novel flexible self-referencing techniques, and using a single frequency, avoids all-optical or electrical-based delay lines approaches. This solution preserves the self-referencing and performance characteristics of the proposed WDM-based optical sensing topology, and leads to a more compact solution with higher flexibility for the multiple interrogation of remote sensing points in a sensor network. Results are presented for a displacement sensor demonstrating the concept feasibility.