A detailed comparison is presented between the time delay and the pseudo‐random‐binary‐sequence (PRBS) methods of excitation and mirage effect response. Both time delay domain dynamic system response and frequency domain spectral functions were calculated via FFT methods. The results show that the FM time delay spectrometer exhibits superior performance to the PRBS device and is optimally suitable for nondestructive and depth‐profiling studies. The detailed examination of, and comparison between, the time delay and spectral dynamic functions of our FM time delay photothermal wave spectrometer and those of a PRBS‐driven device has proven that the former apparatus is capable of producing superior quality time delay and spectral function information when tested on a fast, flat frequency response mirage effect system. The FM time delay photoacoustic/photothermal wave technique and instrumentation of this work holds excellent promise for nondestructive evaluation and depth‐profiling applications in scientific research as well as industrial development laboratories.