In the paper, a new method of phase measurement error suppression in a phase-sensitive optical time domain reflectometer is proposed and experimentally proved. The main causes of phase measurement errors are identified and considered, such as the influence of the recording interferometer instabilities and laser wavelength instability, which can cause inaccuracies in phase unwrapping. The use of a Mach-Zender interferometer made by 3 × 3 fiber couplers is proposed and tested to provide insensitivity to the recording interferometer and laser source instabilities. It is shown that using all three available photodetectors of the interferometer, instead of just one pair, achieves significantly better accuracy in the phase unwrapping. A novel compensation scheme for accurate phase measurements in a phase-sensitive optical time domain reflectometer is proposed, and a comparison of the measurement signals with or without such compensation is shown and discussed. The proposed method, using three photodetectors, allows for very good compensation of the phase measurement errors arising from common-mode noise from the interferometer and laser source, providing a significant improvement in signal detection. In addition, the method allows the tracking of slow temperature changes in the monitored fiber/object, which is not obtainable when using a simple low-pass filter for phase unwrapping error reduction, as is customary in several systems of this kind.