An impedance is the complex ratio between a voltage and a current. The analyzer provides two independent sets of impedance parameters, essentially based on different n-port circuit models:
Matched-circuit impedances, converted from reflection S-parameters
Open-circuit Z-parameters
The converted, matched-circuit impedances describe the impedances of a DUT that is terminated at its outputs with the reference impedance Z0i displayed in the Port Configuration dialog. i numbers the analyzer/DUT port.

The analyzer converts the measured S-parameters to determine the matched-circuit impedances.
It is possible to express the matched-circuit impedances Zii in terms of the reflection S-parameters Sii and vice versa. The reflection parameters are calculated according to:

where i numbers the analyzer/DUT port. The transmission parameters are calculated according to:

The two sets of reflection S-parameters and input/output impedances provide equivalent descriptions of the reflection in a linear n-port network. Another set of equivalent parameters is given by the matched-circuit admittances, defined as the inverse of the impedances.
Examples:
Z11 is the input impedance of a 2-port DUT that is terminated at its output with the reference impedance Z0 (matched -circuit impedance measured in a forward reflection measurement).
The extension of the impedances to more ports and mixed mode measurements is analogous to S-parameters. Zdd44 is the differential mode input impedance at port 4 of a DUT that is terminated at its other ports with the reference impedance Z0. See More Impedances for detailed information.
You can also read the converted impedances in a reflection
coefficient measurement from the Smith
chart.
The Z-parameters describe the impedances of a DUT with open output ports (I = 0). The analyzer provides the full set of open-circuit impedances including the transfer impedances (i.e. the complete nxn Z-matrix for an n port DUT).
This means that Z-parameters can be used as an alternative to S-parameters (or Y-parameters) in order to completely characterize a linear n-port network.
In analogy to S-parameters, Z-parameters are expressed as Z<out>< in>, where <out> and <in> denote the output and input port numbers of the DUT.
The open-circuit Z-parameters for a two-port are based on a circuit model that can be expressed with two linear equations:


The four 2-port open-circuit Z-parameters can be interpreted as follows:
Z11 is the input impedance, defined as the ratio of the voltage V1 to the current I1, measured at port 1 (forward measurement with open output, I2 = 0).
Z21 is the forward transfer impedance, defined as the ratio of the voltage V2 to the current I1 (forward measurement with open output, I2 = 0).
Z12 is the reverse transfer impedance, defined as the ratio of the voltage V1 to the current I2 (reverse measurement with open input, I1 = 0).
Z22 is the output impedance, defined as the ratio of the voltage V2 to the current I2, measured at port 2 (reverse measurement with open input, I1 = 0).
Z-parameters can be easily extended to describe circuits with more than two ports or several modes of propagation; see section More Z-Parameters.