A radar system is provided that includes transmission signal generation circuitry, a transmit channel coupled to the transmission generation circuitry to receive a continuous wave test signal, the transmit channel configurable to output a test signal based on the continuous wave signal in which a phase angle of the test signal is changed in discrete steps within a phase angle range, a receive channel coupled to the transmit channel via a feedback loop to receive the test signal, the receive channel including an in-phase (I) channel and a quadrature (Q) channel, a statistics collection module configured to collect energy measurements of the test signal output by the I channel and the test signal output by the Q channel at each phase angle, and a processor configured to estimate phase and gain imbalance of the I channel and the Q channel based on the collected energy measurements.