A method for improving performance and flexibility of serial data analysis in test instruments, is independent of data bit rate, encoding scheme or communication protocol embodied in the serial data. The serial data is input to a transmitter section, where it is demultiplexed into a plurality of multi-bit lanes, such as n bits for each of N lanes. The N lanes are then encoded into characters, the encoded N lanes having m bits per lane where m>n. Bit stuffing is used to adjust the data rate and/or to insert qualifiers. The stuffed, encoded N lanes are then multiplexed into N serial lanes, which are output from the transmitter section for input to a receiver section at a data rate that is optimal for the receiver section. In the receiver section the N lanes are deserialized, decoded and input to a word recognizer to generate a trigger event signal.