An optical element is fabricated and inspected by forming a spherical-segment surface in a light-transparent blank at a first end thereof with a spherical-segment center on an element axis of the light-transparent blank. A trial parabolic surface is formed in a lateral surface of the light-transparent blank with a trial-surface parabolic focus coincident with the spherical segment center. The trial parabolic surface is inspected by directing a source light beam from a light source through the light-transparent blank parallel to the element axis and against the trial parabolic surface, whereupon a reflected light beam reflects back substantially parallel to the source light beam but oppositely directed to the source light beam. The reflected light beam is optically interfered with the source light beam to produce an interference pattern. The shape of the trial parabolic surface is corrected responsive to observations of the interference pattern to produce a final parabolic surface having a final parabolic focus coincident with the spherical-segment center.