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This paper presents a technique for characterizing the statistical properties and spectrum of power supply noise using only two on-chip low-throughput samplers. The samplers utilize a voltage-controlled oscillator to perform high-resolution analog-to-digital conversion with minimal hardware. The measurement system is implemented in a 0.13-μm process along with a high-speed link transceiver. Measured results from this chip validate the accuracy of the measurement system and elucidate several aspects of power supply noise, including its cyclostationary nature.