A system and method of simultaneously calculating an isolation resistance and a y-capacitance of a RESS may include the steps of: injecting a first signal into a RESS; recording an output signal from the RESS in response to the injection of the first signal; multiplying the first signal with the output signal to determine a first product; multiplying a second signal with the output signal to determine a second product wherein the second signal is orthogonal to the first signal; filtering the first product to determine a first constant; filtering the second product to determine a second constant; processing the first constant to determine a y-capacitance value; and processing the second constant to determine an isolation resistance value.