System and method for using a shared packet data signal source to test multiple packet data signal transceiver devices under test (DUTs) capable of communicating using multiple radio access technologies (RATs). The signal source provides a packet data signal that includes a plurality of sequential signal segments having respective signal timing parameters and mutually distinct signal characteristics in accordance with the RATs. Based upon the signal timing parameters, at least a portion of each signal segment is routed to a respective one of multiple signal connections for conveyance to a corresponding DUT.