Measurements, e.g. S-parameter measurements may be performed by obtaining a complex ratio of at least two signals, using a single signal-receiver while eliminating noise problems traditionally associated with single receiver systems. A Vector Signal Generator (VSG) may be used to generate the input stimulus (signal), making it possible to share the local oscillator (LO) signal of the VSG with a single vector receiver, such that the phase noise of the LO signal is common to both the VSG and the vector receiver. When the stimulus signal from the VSG is observed with the vector receiver, the LO phase noise is unobservable, resulting in a significant reduction of the phase noise in the measured signals in both the numerator and the denominator, which in turn leads to a significant reduction in the phase noise of the ratio while retaining the benefits of a simple, single receiver.