Under conditions of continuous acoustic generation, light scattered from oppositely directed surface acoustic waves ony‐cutz‐propagating lithium niobate was frequency analyzed with a high‐resolution Fabry‐Perot interferometer. The following parameters were measured at 105 MHz: acoustic power standing‐wave ratio, reflection coefficient for both sending and receiving transducers, low‐power acoustic damping coefficients, surface wave propagation velocity, and nonlinear harmonic growth. We note that the method used has an advantage over other methods since it is to a large extent independent of the optical quality of the propagation surface.