Communication system with adjustable equalization levels and related methods

A communication system may include an RF source configured to generate a swept frequency RF signal, and a photonic local unit coupled to the RF source and configured to generate a modulated optical carrier signal based upon the swept frequency RF signal. The photonic local unit may have adjustable equalization levels. The communication system may include a photonic remote unit configured to generate a demodulated swept frequency RF signal from the modulated optical carrier signal from the photonic local unit, and an optical fiber path connecting the photonic local unit and the photonic remote unit. The communication system may include feedback circuitry cooperating with the optical fiber path to set the adjustable equalization levels of the photonic local unit based upon the demodulated swept frequency RF signal at the photonic remote unit.