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A reflection-based thru-less de-embedding technique for voltage and current waveforms and absolute power flow measurements suitable for on-wafer large-signal characterisation of microwave transistors is proposed. Based on the novel calibration technique developed, which does not require any special `golden standard` for waveform calibration purposes, a comprehensive and relatively inexpensive power flow, impedance and waveform measurement system, using the microwave transition analyser as a two-channel receiver, is developed. The proposed calibration algorithm is fast, simple and accurate for power de-embedding and waveform measurements. This kind of on-wafer power de-embedding and waveform measurement is helpful in the design of switching-mode power amplifiers. The developed system was tested for both 50Ω and non-50Ω terminated passive and active devices, and the obtained results show very good agreement with those obtained with commercial instruments.