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In this study, an optical scheme based on the measurement of light intensity and a proper orientation of the Fresnel Rhomb is successfully developed for simultaneous determination of the phase retardation and fast axis of a wave plate. The theoretical analysis of the principle of measuring the reflection-induced retardance of the Fresnel Rhomb and the phase retardation of a wave plate is given taking Stokes–Mueller Formalism as a mathematical tool. In this method, the fast axis position of the wave plate need not be determined in advance. In addition, the measured result is free of the intensity fluctuation of light source. An application example is also demonstrated. The measured result of the example is verified with an experiment. Some of the merits of the method, such as, a simple optical set-up, high stability and high accuracy, low cost and easier operation, are presented, and the validity of the method is demonstrated. [ABSTRACT FROM PUBLISHER]