The design of a microwave channel probing analyzer is presented and discussed. Special attention is paid to the characteristics of the transmission path to be measured; the choice of spread spectrum probing signal; the signal processing methods used; modulation, demodulation, and synchronization at the transmitter and receiver sites; the path model to be fitted to the measured data and finally, the impact of all of these issues upon the necessary hardware and software. Following a formulation of the channel-probing problem, transfer function regression techniques are reviewed to illustrate the advantages of periodic averaging over established correlation methods. The construction of an experimental sounder based on these methods is described. The equipment has been used to measure the time-variant frequency-selective channel dynamics of a short (158 km) troposcatter transhorizon link at a frequency of 11.647 GHz over a 31.25-MHz bandwidth. Off-line, nonlinear spectrum analysis, based on Prony's method and singular value decomposition, is used to estimate parameters of a high-resolution delay model that accurately reflects the underlying ray structure of the transmission path.