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Abstract Shocks that occur below a gamma-ray burst (GRB) jet photosphere are mediated by radiation. Such radiation-mediated shocks (RMSs) could be responsible for shaping the prompt GRB emission. Although well studied theoretically, RMS models have not yet been fitted to data owing to the computational cost of simulating RMSs from first principles. Here we bridge the gap between theory and observations by developing an approximate method capable of accurately reproducing radiation spectra from mildly relativistic (in the shock frame) or slower RMSs, called the Kompaneets RMS approximation (KRA). The approximation is based on the similarities between thermal Comptonization of radiation and the bulk Comptonization that occurs inside an RMS. We validate the method by comparing simulated KRA radiation spectra to first-principle radiation hydrodynamics simulations, finding excellent agreement both inside the RMS and in the RMS downstream. The KRA is then applied to a shock scenario inside a GRB jet, allowing for fast and efficient fitting to GRB data. We illustrate the capabilities of the developed method by performing a fit to a nonthermal spectrum in GRB 150314A. The fit allows us to uncover the physical properties of the RMS responsible for the prompt emission, such as the shock speed and the upstream plasma temperature.