Photocurrent correlation measurements used for the characterization of ultrafast photoconductive switches based on GaAs and silicon‐on‐sapphire are demonstrated. The correlation signal arises from the interplay of the photoexcited carriers, the dynamics of the bias field and a subsequent recharging of the switch. By using both photocurrent measurements and terahertz spectroscopy we verify the importance of space‐charge effects on the carrier dynamics. Photocurrent nonlinearities and coherent effects are discussed as they appear in the correlation signals. An analysis based on a simple model allows an estimate of the carrier lifetimes associated with the photoconductive switching process. We illustrate how pulse propagation can be studied sequentially using this technique and how a minor modification of the experimental setup enables the study of screening from long‐lived carriers. We emphasize in what ways the different techniques of measuring ultrashort electrical pulses are sensitive to different aspects of the pulse forming mechanisms. ©1996 American Institute of Physics.