Earlier research on a particular phase based method for estimation of dense motion fields show promising results for complicated sequences. Typical for phase based methods is a decomposition of the sequence into directional signals by directional filters. From each directional signal a component velocity can be estimated. In this context we propose a method for estimating component velocities which further improves the accuracy, by modelling 2D spacetime slices in the direction of the filters as single component AM-FM modulated signals. A method for demodulation based on quasi eigenfunction approximation is the basis for estimation of component velocities, along with a tensor formulation and eigenvector analysis of this tensor. We demonstrate the method on the well known reference sequence Yosemite fly-by and the Rubic's cube sequence.