As Radio Frequency (RF) devices become more complex and the integration levels increase, their testing becomes more challenging. In order to guarantee successful operation and compliance to certain specifications, measurement of a large number performance parameters under the prescribed operation conditions is needed. Such detailed characterization typically necessitates long test times and expensive instrumentation, increasing the test cost. In this paper, we present a low cost test methodology that determines the RF device's vital performance parameters, such as path gain, IIP3, quadrature imbalances, noise, bit error rate (BER), and error vector magnitude (EVM) through a single test setup. The proposed test methodology is applicable for both single carrier systems and multi-carrier systems. Simulation and measurement results indicate that these performance parameters can be calculated and estimated accurately through a single test set-up and using a shorter test sequence than required by traditional techniques.