I would assume it monitors the rate at which the rear axle slows and compares that to a set threshold... The computer would know that a 5,000#+ truck can only slow so fast, so if the rear axle stops right away then it would assume a skid....
Edit:
FSM 06-09A-1
"When the brake pedal is applied, the RABS II module senses the drop in rear wheel speed. If the rate of deceleration is too great, indicating that a wheel lockup is going to occur, the RABS II module activates the electro-hydraulic valve causing the isolation valve to close. With the isolation valve closed, the rear wheel cylinders are isolated from the master cylinder and the rear brake pressure cannot increase. If the rate of deceleration is still too great, the RABS II module will energize the dump solenoid in a series of rapid pulses to bleed off rear wheel cylinder pressure into an accumulator built into the RABS II valve. This will reduce the rear wheel cylinder pressure and allow the rear wheels to spin back up to vehicle speed.Continuing under the RABS II module control, the dump and isolation solenoids will be pulsed in a manner that will keep the rear wheel rotating while still maintaining high levels of deceleration during braking.
At the end of the stop, when the operator releases the brake pedal, the isolation valve de-energizes and any fluid in the accumulator is returned to the master cylinder. Normal brake operation is resumed."