This article proposes a method for the measurement of Phase Noise (PN, or PM noise) and Amplitude Noise (AN, or AM noise) of Digital-to-Analog Converters (DAC) and Direct Digital Synthesizers (DDS) based on modulation-index amplification. The carrier is first reduced by a controlled amount (30-40 dB) by adding a reference signal of nearly equal amplitude and opposite in phase. Then, residual carrier and noise sidebands are amplified and sent to a conventional PN analyzer. The main virtues of our method are: (i) the noise specs of the PN analyzer are relaxed by a factor equal to the carrier suppression ratio; and, (ii) the capability to measure the AN using a PN analyzer, with no need for the analyzer to feature AN measurement. An obvious variant enables AN and PN measurements using an AN analyzer with no PN measurement capability. Such instrument is extremely simple and easy to implement with a power-detector diode followed by a FFT analyzer. Unlike the classical bridge (interferometric) method, there is no need for external line stretcher and variable attenuators because phase and amplitude control is implemented in the device under test. In one case (AD9144), we could measure the noise over 10 decades of frequency. The flicker noise matches the exact 1/f law with a maximum discrepancy of ±1 dB over 7.5 decades. Thanks to simplicity, reliability, and low background noise, this method has the potential to become the standard method for the AN and PN measurement of DACs and DDSs.