Oscillators and clocks are affected by physical mechanisms causing amplitude fluctuations, phase noise, and frequency instabilities. The physical properties of the elements composing the oscillator as well as external environmental conditions play a role in the characteristics of the oscillatory signal produced by the device. Such instabilities demonstrate frequency drifts and modulation and spectrum broadening and are observed to be nonstationary processes in nature. Most of tools which are being used to measure and characterize oscillator stability are based on signal processing techniques, assuming time invariance during a temporal window, during which the signal is assumed to be stationary. This paper proposes a new time-frequency metric for the characterization of frequency sources. Our technique is based on the Wigner-Ville distribution, which extends the spectral measures to consist of the temporal nonstationary behavior of the processes affecting the accuracy of the clock. We demonstrate the use of the technique in the characterization of phase errors, frequency offsets, and frequency drift of oscillators.