A network analyzer includes a main unit and a physically separate remote unit. In at least one configuration, the main unit generates and transmits test signals through a device under test to the remote unit. Reference circuitry in the main unit uses signals from a local oscillator and an analog-to-digital ADC sample clock to produce reference signal data representative of the test signals as transmitted to the device under test. Receive circuitry in the remote unit produces received signal data representative of the test signals as received from the device under test, using the same signals from the local oscillator and ADC sample clock as used by the reference circuitry to produce the reference signal data. Comparison of the received signal data with the reference signal data indicates parameters of the device under test, including attenuation and phase shift in the test signals as caused by the device under test.