A simple, in-line method for real-time full characterization (amplitude and phase) of propagation distortions arising because of group velocity dispersion and self-phase modulation on 10-20 Gbps transmitted NRZ optical signals is reported. It is based on phase reconstruction using optical ultrafast differentiation (PROUD), a linear and self-referenced technique. The flexibility of the technique is demonstrated by characterizing different data stream scenarios. Experimental results were modeled using conventional propagation equations, showing good agreement with the measured data. It is envisaged that the proposed method could be used in combination with DSP techniques for the estimation and compensation of propagation distortions in fiber links, not only in conventional IM/DD systems, but also in coherent systems with advanced modulation formats.