Local oscillator (LO) in-phase/quadrature (IQ) imbalance correction data are generated for one or both of the transmitter and receiver of a radio-frequency (RF) communication device. An RF transmitter output signal is generated by the transmitter from a known test signal and transmitted to the receiver, where a baseband receiver signal is produced. A signal characteristic of the receiver baseband signal is measured in the presence of phase shifts introduced in the transmitter output signal. Joint LO IQ imbalance figures of merit are computed from the signal characteristic measurements, each characterizing signal processing artifacts in the receiver baseband signal caused by joint signal processing in the transmitter and the receiver under influence of transmitter LO IQ imbalance and receiver LO IQ imbalance. The LO IQ imbalance correction data are determined from the computed JFMs so that the transmitter LO IQ imbalance is distinctly characterized from the receiver LO IQ imbalance from measurements obtained through no greater than two (2) phase shifts.