This article presents a novel concept for a highly accurate and simple two-port vector signal analyzer. A current phase ratio measurement method is defined for one independent external signal with a restriction of the measuring range ±90 or ±180°. The article presents a new way of phase ratio evaluation of two independent external signals with precise phase determination in a wide range from 0° to 360°. The new functional blocks of the analyzer circuit element act as a four-position radio frequency (RF) switcher and an algorithm for phase determination is presented. Practical application and verification of the results achieved are demonstrated by measuring the phase directional radiation pattern of a complex object such as an aircraft fuselage.