A system and method employ an exclusive-OR gate having a first input configured to receive an RF carrier signal having an RF carrier, and a second input configured to receive a square wave signal having a square wave frequency, to output to a signal processing channel under test a binary phase shift keying (BPSK) signal comprising the RF carrier signal modulated by the square wave signal. A digital signal processor is configured to receive from the signal processing channel in-phase (I) and quadrature-phase (Q) data produced by the signal processing channel in response to the BPSK signal, and to process the I and Q data to determine an amplitude response and phase response of the signal processing channel as a function of frequency.