A method and apparatus adapted to calibrate a signal path of a signal analysis system such that loading effects of the system are substantially removed from measurements of a device under test. A signal under test from the device under test is coupled to a test probe in the signal path and used with selectable impedance loads in the test probe to characterize transfer parameters of the device under test. An equalization filter in either the frequency or time domain is computed from the device under test transfer parameters for reducing in signal error attributable to the measurement loading of the device under test.