This study investigates using the Generalized Inversion Technique (GIT) to decompose earthquake waveforms and achieve seismic source, path and site properties through spectral decomposition for Northeastern Italy. The GIT was applied in non‐parametric form which allows direct use of observational data without predefined assumptions. After obtaining source spectra, key source parameters including Seismic Moment ($M_0$) and Seismic Radiated Energy ($E_R$) calculated. Specifically for $M_0$, the calculation is being done by fitting an $\omega ^2$ Brune source model to the obtained source spectra. The next step was to develop empirical models for the region by linking $M_0$ to Peak Displacement of S waves ($PD_S$) and $E_R$ to the Integral of Squared S-wave velocity ($IV2_S$). The calibration of the models consists of finding some coefficients related to hypocentral distances and consequently local attenuation characteristics with the aim to rapid estimates of $M_0$ and $E_R$. In the study, some methodological challenges tested such as reference station selection, using H/V spectral ratio in the GIT, station correction and weighting strategies. Overall, the non‐parametric GIT showed efficiency and flexibility, producing results consistent with previous studies and offering practical, regionally calibrated tools for real‐time seismic applications.