Supraharmonics emitted from power electronic devices can cause electromagnetic interference. However, there is currently no unified standard for measuring supraharmonics. This paper presents a supraharmonics measurement method with high-time resolution based on the matrix pencil method. A technique based on the principle of cross-correlation is used to process the measured signal. The original signal is replaced by the processing results, then it is solved by the matrix pencil method. This method can effectively reduce the influence of colored noise to the measurement. After comparing with the results obtained by compressive sensing measurement method, it is proved that the method proposed in this paper has distinct advantages in reducing the interference of colored noise and can effectively improve the accuracy of the measurement of supraharmonics.