Monitored quantum systems undergo measurement-induced phase transitions (MiPTs) stemming from the interplay between measurements and unitary dynamics. When the detector readout is postselected to match a given value, the dynamics is generated by a non-Hermitian Hamiltonian with MiPTs characterized by different universal features. Here, we derive a stochastic Schrödinger equation based on a microscopic description of continuous weak measurement. This formalism connects the monitored and postselected dynamics to a broader family of stochastic evolution. We apply the formalism to a chain of free fermions subject to partial postselected monitoring of local fermion parities. Within a two-replica approach, we obtain an effective bosonized Hamiltonian in the strong postselected limit. Using a renormalization group analysis, we find that the universality of the non-Hermitian MiPT is stable against a finite (weak) amount of stochasticity. We further show that the passage to the monitored universality occurs abruptly at finite partial postselection, which we confirm from the numerical finite size scaling of the MiPT. Our approach establishes a way to study MiPTs for arbitrary subsets of quantum trajectories and provides a potential route to tackle the experimental postselected problem. Published by the American Physical Society 2025