A new approach to conductive electromagnetic interference (EMI) noise source modeling, i. e. the source internal impedance extraction, is presented. First, the impedance magnitude is achieved through an exciting probe and a detecting probe, or through calculations based on insertion loss measurement results when inserting a series nigh-value known impedance or a shunt low-value known impedance in the circuit. Then the impedance phase is extracted by the Hilbert transform (HT) of the logarithm of the obtained impedance magnitude. Performance studies show that the estimated phase error can increase greatly at a zero frequency in the Hilbert transform because of the existence of a singular point, and this effect can be eliminated by introducing a zero-point when the noise source does not include a series-connected capacitive component. It is also found that when the frequency is nigher than 150 kHz, the estimated phase error is not sensitive to the inductive source but sensitive to the capacitive source. Finally, under the conditions of the same measurement accuracies for impedance magnitude, the accuracy of complex impedance based on the HT can be improved about 10 times when compared with the accuracy of estimated parameters based on the impedance magnitude fitting method (IMFM).