A method and apparatus adapted to calibrate signal path of a signal analysis system such that loading effects of additional probes are substantially removed from the measurement. A signal under test from a device under test is coupled to a test probe and used with selectable impedance loads in the test probe to acquires sets of samples for characterizing transfer parameters of the device under test and compute open circuit voltages at the test probe. Other probes are coupled to the device under test and a set of measurement samples are acquired via the test probe. An equalization filter in either the frequency or time domain is computed from the open circuit voltage and measurement samples for reducing signal errors attributable to the measurement loading of the device under test by the test probe and other probes.