A new method for evaluation of an anechoic chamber using the matrix pencil method is presented. A signal measured between two antennas placed in an anechoic chamber is sliced into small frequency intervals and is processed using the matrix pencil method. In each interval, the measured signal is decomposed into its propagating-wave components, which correspond to a direct propagation between two antennas and reflected propagating waves from absorbing walls. The ratio of amplitudes of the reflected wave components with respect to the direct path propagation gives a new measure of quality factor for an anechoic chamber.