It is presently well understood that the operational performance limits of optics are determined by three fundamental attributes: the initiation of laser-induced damage, the growth of damage sites, and the transient (nondamaging) modification of optical parameters. The comprehensive characterization of the performance limitations of ultrafast optics requires consideration of all three fundamental attributes. The vast majority of the literature to date, however, has focused primarily on damage-initiation and testing systems that are largely focused on determining the damage-initiation threshold under single- and multipulse excitation. We discuss a testing apparatus that was designed to offer the capability to adequately characterize all three of these performances attributes under femtosecond, near-infrared laser irradiation. Key aspects of the methodology are discussed; these include high-dynamic-range energy control, variable beam size, wavelength tunability, B-integral management, and functional performance characterization to explore the true operational limits of the components. Example results for a metal-dielectric mirror demonstrate the test station’s operation.