Generalized lock-in amplifiers use digital cavities with Q-factors as high as 5 × 108 to measure signals with very high precision. In this Note, we show that generalized lock-in amplifiers can be used to analyze microwave (giga-hertz) signals with a precision of few tens of hertz. We propose that the physical changes in the medium of propagation can be measured precisely by the ultra-high precision measurement of the signal. We provide evidence to our proposition by verifying the Newton's law of cooling by measuring the effect of change in temperature on the phase and amplitude of the signals propagating through two calibrated cables. The technique could be used to precisely measure different physical properties of the propagation medium, for example, the change in length, resistance, etc. Real time implementation of the technique can open up new methodologies of in situ virtual metrology in material design.