A system and method are provided for calibrating for an I/Q mismatch of a direct conversion receiver based on a random signal having a two-dimensional I versus Q trajectory, such as radio frequency (RF) noise. In general, the random signal is received and downconverted to a quadrature baseband signal having an in-phase component and a quadrature component. The variance of the in-phase component, the variance of the quadrature component, and the covariance of the in-phase component with the quadrature component are computed based on samples of the quadrature baseband signal. A correction matrix used to compensate for the I/Q mismatch of the receiver and/or I/Q mismatch including a gain mismatch and a phase mismatch of the receiver is then computed based on the variance of the in-phase component, the variance of the quadrature component, and the covariance of the in-phase component with the quadrature component.