A measurement system for measuring blood characteristics includes a controller, an emitter, a sensor, and a reference sensor. The emitter emits light at a plurality of wavelengths from a first side of a blood flow channel to a second side of the blood flow channel. The sensor is provided on the second side of the blood flow channel. The reference sensor is provided on the first side of the blood flow channel. The controller compensates measurements from the sensor based upon measurements from the reference sensor. The reference sensor may be disposed in a position to increase noise immunity of the measurement system. The measurement system may be connected to or part of a dialysis system.