A model-based technique for estimating signal impairments that can accommodate various transmitted signal configurations, including closed-loop transmit diversity signals and pre-coded MIMO signals, is disclosed. In an exemplary method, an impairment model is constructed for a received composite information signal comprising at least a first data stream transmitted from first and second antennas according to a first antenna weighting vector. The impairment model includes one or more model terms scaled by corresponding scaling parameters, wherein the model terms capture propagation channel effects and are independent of the first antenna weighting vector, and wherein the scaling parameters capture effects of the first antenna weighting vector. A parametric estimate of the impairment covariance is calculated using the impairment model.