An interesting application of optical phase conjugation is phase conju
gate interferometry. We report here a new approach to real-time interf
erometry which combines the high phase conjugate efficiency of photore
fractive crystals and the fast response times offered by dye-doped pol
ymer films by using a composite structure. The ability of this materia
l to generate two independent but overlapping phase conjugate waves. w
hich can interfere to reveal the phase changes in a test object, is di
scussed and demonstrated with a specific example.