A novel method for the power azimuth spectrum (PAS) estimation in correlated fading channel is proposed. The method is based on the inverse problem solution regarding Fourier basis coefficients of the PAS. The input data is a set of complex correlation coefficients which can be obtained by using a multi-element antenna (MEA) consisting of specially arranged mutually uncoupled thin vibrators those are omnidirectional in the azimuth plane. The proposed method also allows to interpolate the spatial correlation function (SCF) over a bounded area of a MEA setup. The impact of the MEA arrangement on estimation accuracy is also considered.