Refractive index measurements are critical for characterizing the properties of hypersonic flows, but moderate- to high-pressure experiments require alternative methods to traditional interferometric fringe counting. In this work, we introduce a novel, to the best of our knowledge, multi-wavelength phase-correlation interferometric technique to estimate the refractive index changes across nearly discrete shock wave boundaries and also simultaneously capture optical dispersion and vibrational relaxation times. By comparing the interference pattern of three or more wavelengths against each other, the refractive index can be accurately determined. To demonstrate this technique, laser diodes in two wavelength combinations are tested producing refractive index resolutions on the order of 2.65 × 10-7. Results in air across a range of initial pressure conditions (P1 = 2.66 to 5.33 kPa) and incident wave speeds (Mach 2 to 5) show density changes that agree with theoretical estimates within 2%. Single-shot dispersion and vibrational relaxation measurements with this method also illustrate good agreement with other techniques.