Electronic devices have been ever-shrinking toward atomic dimensions and have reached operation frequencies in the GHz range, thereby outperforming most conventional test equipment, such as vector network analyzers (VNA). Here the capabilities of a VNA on the atomic scale in a scanning tunneling microscope are implemented. Nonlinearities present in the voltage-current characteristic of atoms and nanostructures for phase-resolved microwave spectroscopy with unprecedented spatial resolution at GHz frequencies are exploited. The amplitude and phase response up to 9.3GHz is determined, which permits accurate de-embedding of the transmission line and application of distortion-corrected waveforms in the tunnel junction itself. This enables quantitative characterization of the complex-valued admittance of individual magnetic iron atoms which show a lowpass response with a magnetic-field-tunable cutoff frequency.