We present a stochastic path integral formalism for continuous quantum measurement that enables the analysis of rare events using action methods. By doubling the quantum state space to a canonical phase space, we can write the joint probability density function of measurement outcomes and quantum state trajectories as a phase space path integral. Extremizing this action produces the most likely paths with boundary conditions defined by preselected and postselected states as solutions to a set of ordinary differential equations. As an application, we analyze continuous qubit measurement in detail and examine the structure of a quantum jump in the Zeno measurement regime.