Short channel effects in MOSFETs are responsible for time-dependent hot-carrier luminescence, synchronous with the switching transitions in CMOS circuits. We propose an optical non-invasive inspection technique for high-speed signals, based on a high sensitivity solid-state photodetector with sharp time resolution. This tool is able to probe the fast electrical waveforms propagating through ULSI circuits without electrically loading the circuit under test. The measured time resolution of 50 ps allows an equivalent analog bandwidth of about 20 GHz. From the experimental results and the luminescence characterization of single transistors, we propose a SPICE model able to foresee the photoemission in complex ULSI circuits, down to transistor level. The optical testing equipment and the SPICE modeling are valuable tools for simulation, characterization and testing of fast ULSI circuits.