In this paper, a method based on the inherent event-based sampling capability of laser optical feedback interferometry (OFI) is proposed to assess the optical feedback factor C when the laser operates in the moderate and strong feedback regimes. Most of the phase unwrapping open-loop OFI algorithms rely on the estimation of C to retrieve the displacement with nanometric precision. Here, the proposed method operates in open-loop configuration and relies only on OFI’s fringe detection, thereby improving its robustness and ease of use. The proposed method is able to estimate C with a precision of <5%. The obtained performances are compared to three different approaches previously published and the impacts of phase noise and sampling frequency are reported. We also show that this method can assess C on the fly even when C is varying due to speckle. To the best of the authors’ knowledge, these are the first reported results of time-varying C estimation. In addition, through C estimation over time, it could pave the way not only to higher performance phase unwrapping algorithms but also to a better control of the optical feedback level via the use of an adaptive lens and thus to better displacement retrieval performances.