We derive the expressions for the power fading including first-order polarization mode dispersion (PMD), chromatic dispersion, chirp parameter as well as polarization-dependent chromatic dispersion (PCD), which is dependent on the angle of precession of output state of polarization around the PMD vector. From the expression for radio frequency (RF) signals power fading, we get the average power fading for chromatic dispersion, chirp parameter, first-order PMD and PCD for both double sideband (DSB) modulation and single sideband (SSB) modulation. We also demonstrate a fast PMD and chromatic dispersion monitoring technology with reduced polarization-dependent gain. The measured results agree well with theoretical analysis.