This paper aims to develop a method for diagnosing soft short and open faults occurring in a distributed parameter multiconductor transmission line (DPMTL) terminated at both ends by linear circuits of very high frequency, including lumped elements, which can be passive and active. The diagnostic method proposed in this paper is based on a measurement test performed in the AC state. To write the diagnostic equations, the DPMTL is described by the chain equations in the frequency domain. For each considered fault, the line is divided into a cascade-connection of two lines, and a set of the diagnostic equations is written, taking into account basic circuit laws and the DPMTL description. This set includes nonlinear complex equations in two unknown real variables consisting of the distance from the beginning of the line to the point where it occurs and the fault value. To solve these equations, a numerical method has been developed. The procedure is applied to the possible soft shorts that can occur between all pairs of the line conductors, and the actual fault is selected. The method has also been adapted to the detection and location of open faults in DPMTL. Numerical examples, including three-conductor and five-conductor transmission lines, show that the diagnostic method is effective and very fast, and the CPU time does not exceed one second.