Optical interferometers are the main elements of interferometric sensing and measurement systems. Measuring their optical path difference (OPD) in real time and evaluating the measurement uncertainty are key to optimizing system noise and ensuring system consistency. With the continuous sinusoidal wavelength modulation of the laser, real-time OPD measurement of the main interferometer is achieved through phase comparison of the main and auxiliary interferometers. The measurement uncertainty of the main interferometer OPD is evaluated. It is the first evaluation of the impact of different auxiliary interferometer calibration methods on OPD measurements. A homodyne quadrature laser interferometer (HQLI) is used as the main interferometer, and a 3 × 3 interferometer is used as the auxiliary interferometer. The calibration of the auxiliary interferometer using optical spectrum analyzer scanning and ruler measurement is compared. The evaluation shows that the auxiliary interferometer is the most significant source of uncertainty and causes the total uncertainty to increase linearly with increasing OPD. It is proven that a high-precision calibration and large-OPD auxiliary interferometer can improve the real-time accuracy of OPD measurements based on the auxiliary interferometer. The scheme can determine the minimum uncertainty to optimize the system noise and consistency for vibration, hydroacoustic, and magnetic field measurements with OPDs of the ~m level.