A comprehensive evaluation of the recently developed Fraunhofer line depth (FLD) and laser-induced saturation pulse (FLD-LISP) method was conducted to measure chlorophyll fluorescence (ChlF) parameters of the quantum yield of photosystem II (ΦPSII), non-photochemical quenching (NPQ), and the photosystem II-based electron transport rate (ETR) in three plant species including paprika (C3 plant), maize (C4 plant), and pachira (C3 plant). First, the relationships between photosynthetic photon flux density (PPFD) and ChlF parameters retrieved using FLD-LISP and the pulse amplitude-modulated (PAM) methods were analyzed for all three species. Then the relationships between ChlF parameters measured using FLD-LISP and PAM were evaluated for the plants in different growth stages of leaves from mature to aging conditions. The relationships of ChlF parameters/PPFD were similar in both FLD-LISP and PAM methods in all plant species. ΦPSII showed a linear relationship with PPFD in all three species whereas NPQ was found to be linearly related to PPFD in paprika and maize, but not for pachira. The ETR/PPFD relationship was nonlinear with increasing values observed for PPFDs lower than about 800 μmol m−2 s−1 for paprika, lower than about 1200 μmol m−2 s−1 for maize, and lower than about 800 μmol m−2 s−1 for pachira. The ΦPSII, NPQ, and ETR of both the FLD-LISP and PAM methods were very well correlated (R2 = 0.89, RMSE = 0.05), (R2 = 0.86, RMSE = 0.44), and (R2 = 0.88, RMSE = 24.69), respectively, for all plants. Therefore, the FLD-LISP method can be recommended as a robust technique for the estimation of ChlF parameters.