In this paper, a customizable low-cost voltage waveform generator based on a real-time desktop PC and embedded data acquisition card synchronized with Coordinated Universal Time (UTC) is presented. A software approach to phase-locked loop synchronization with an external Global Positioning System (GPS) pulse signal is utilized to achieve a time uncertainty of ±1μs. This avoids expensive hardware modules for synchronization and timing purposes, which are commonly presented in literature. Besides the application for controlling the test platform, our own phasor data concentrator (PDC) application is running concurrently on the host PC. The latter is used for collecting and comparing the syncrophasor data from the test platform against the syncrophasor data measured by phasor measurement units (PMUs) under the test. The paper describes all procedures for generating reference test signals. Numerous case studies were performed, and experimental results for steady-state compliance as well as frequency ramp and phase modulation tests for dynamic compliance are presented in detail. All tests confirm that customizable test platform meets the requirements of IEEE/IEC standards. Compared to other calibrators, the cost as well as the specifications and point-by-point concept of data processing makes the described test platform suitable for performance analysis of PMU algorithms implemented on various development boards.