Dielectric properties and losses are two critical issues in signal link-path characterization. To obtain the substrate dielectric properties for a planar transmission line, an analytical solution is derived and validated based on a stripline structure and measured scattering parameters with TRL de-embedding. The characterized dielectric property is used to evaluate dielectric loss and conductor loss. The total loss is thereby found from their summation. The calculated total loss is compared to the measured total loss, and the conductor loss and dielectric loss are then quantifiable. Since the conventional description using the loss tangent and dielectric constant to represent material properties is usually insufficient as the frequency reaches 20 GHz, a Debye model is proposed. The second order Debye parameters are subsequently extracted using a genetic algorithm. A full wave simulation is implemented to verify the determination of two-term Debye model parameters.