The physical reasons for observing the splitting of optical lines several orders of magnitude smaller than the spectral width of a laser pulse are investigated. A theory of coherent and incoherent photon echo (PE) in an external static magnetic field and in the presence of a pulsed magnetic field, which causes oscillations of the PE intensity, is elaborated. It is shown that the periods of oscillations in the echo intensity, the echo duration, and the dimensions of the regions in the inhomogeneous line, where the excited ions are coherent, do not depend on the degree of coherence of the laser pulse and on the external static magnetic field. As follows from the theory, in the case of the coherent excitation of the echo, the amplitude of the intensity oscillations is independent of the external static magnetic field if the inhomogeneous line is symmetric. It is shown that the amplitude of the oscillations at the incoherent excitation of the echo is equal to the autocorrelation function of the distribution function of the transition frequency along the inhomogeneous line with the argument equal to the Zeeman splitting of the optical line in the external magnetic field. In this case, the experimental values of the oscillation amplitude are in good agreement with the calculated values of the autocorrelation function for the total inhomogeneous line in LuLiF 4 :Er 3+ ( 4 I 15/2 ⇒F 9/2 transition). In the same way, the autocorrelation function has been obtained for YLiF 4 :Er 3+ on the same transition.