A flexible method to measure the modulation efficiency and residual amplitude modulation, including non-linearities, of phase modulators is presented. The method is based on demodulation of the modulated optical field in the optical domain by means of a heterodyne interferometer and subsequent analysis of the I&Q quadrature components of the corresponding RF beat note signal. As an example, we determine the phase modulation efficiency and residual amplitude modulation for both the TE and TM modes of a GaAs chip-based phase modulator at the wavelength of 1064 nm. From the results of these measurements, we estimate the linear and quadratic electro-optic coefficients for a P-p-n-N GaAs/AlGaAs double heterostructure.