Abstract: A method comprises: at a management entity configured to monitor a transceiver system having a transceiver to receive a signal that conveys data frames transmitted by a peer transceiver over a connection: collecting time series values for operating parameters of the transceiver associated with received data frames, including (i) a receive power, and (ii) counts of different media access control (MAC) layer frame errors that respectively indicate degradation levels for system performance ranked from highest to lowest; using the time series values, performing correlations of the receive power against the counts of the different MAC layer frame errors according to a correlation hierarchy that indicates which of the correlations correspond to which of the degradation levels, to produce correlation results; and responsive to the correlation results, determining a degraded component of the transceiver system.