The present invention relates to a method and system for processing time-varying three-component signals to determine polarization dependent features therefrom. Relation data indicative of a predetermined expression relating ellipse elements describing an ellipse in three dimensional space to the components of the three-component signal are provided. Received signal data indicative of a three-component signal are processed for transforming each component of the three-component signal into time-frequency domain providing second signal data. Data indicative of polarization dependent features are then determined using the relation data and the second signal data. The method and system for processing time-varying three-component signals according to the invention are highly beneficial in numerous applications for evaluating three-component signal data such as seismology.