The multi-probe reflectometer has recently attracted renewed interest as a means of realising a low-cost microwave or millimetre-wave measurement system or sensor. This paper presents an improved analysis of the multi-probe reflectometer, leading to a calibration technique that is more robust and gives results comparable to commercial network analysers for one-port measurements. The technique is demonstrated experimentally using surface mount components and zero bias Schottky diodes. For a variety of DUTs, close agreement is obtained between the multi-probe results and those of an Agilent 8753 VNA.