We experimentally investigate the effect of resonant microwave absorption on the magneto-conductance of tunable Co/Pd point contacts. At the interface a non-equilibrium spin accumulation is created via microwave absorption and can be probed via point contact spectroscopy. We interpret the results as a signature of direct spin-flip excitations in Zeeman-split spin-subbands within the Pd normal metal part of the junction. The inverse effect, which is associated with the emission of a microwave photon in a ferromagnet/normal metal point contact, can also be detected via its unique signature in transport spectroscopy.