Provided is an identification signal analyzing apparatus and method for compensating power of a channel profile occurring at a conventional identification signal analyzing apparatus by using a power compensation. The identification signal analyzing apparatus includes: an identification signal generator for generating an identification signal identical to a known identification signal inserted by a transmission device; a partial correlator for calculating a correlation value between a received signal including the known identification signal inserted by the transmission device and the identification signal generated by the identification signal generator through a partial correlation; a power compensator for compensating power of the correlation value calculated by the partial correlator; and a channel profile extractor for extracting a channel profile from the correlation value compensated by the power compensator.