The objective of this paper is twofold. First, the model theory of the RTS noise developed by Sikulova1 is applied to an analysis of the RTS noise in bipolar Schottky IC’s. This theory makes it possible to evaluate quantities characteristic of the processes of carrier capture, emission, and recombination. Second, a new non‐invasive method of potential spectroscopy of IC’s is presented, which makes exclusive use of the IC external pins. An attempt is made to localize the sources of the observed RTS noise. Experiment results are in a good agreement with the mentioned theoretical model.