A test and measurement instrument and method for receiving a radio frequency (RF) signal, digitizing the RF signal using an analog-to-digital converter, downconverting the digitized signal to produce I (in-phase) and Q (quadrature) baseband component information, generating one or more IQ-based time-domain traces using the I and Q baseband component information, and measuring and displaying a variety of measurement values of the IQ-based time-domain traces. The IQ-based time-domain measurement values can be automatically generated and displayed, and/or transmitted to an external device.