A system and method are disclosed for characterizing a signal path. The system includes a system clock configured to produce a system clock signal at a sample frequency. A frequency divider is configured to divide the sample frequency of the system clock signal by a factor of N to produce a chip clock signal at a chip frequency. The system further includes a pseudo-noise (PN) sequence generator configured to produce a PN sequence at the chip frequency and couple the PN sequence to the signal path while the signal path is carrying an operational signal. A sub-chip sampler is configured to correlate the PN sequence and a reflected PN sequence which has been reflected within the signal path to form a correlated signal and to sample the correlated signal at the sample frequency of the system clock signal.