A method for estimating and tracking locally oscillating signals. The method comprises the steps of taking measurements of an input signal that approximately preserve the inner products among signals in a class of signals of interest and computing an estimate of parameters of the input signal from its inner products with other signals. The step of taking measurements may be linear and approximately preserve inner products, or may be non-linear and approximately preserves inner products. Further, the step of taking measurements is nonadaptive and may comprise compressive sensing. In turn, the compressive sensing may comprise projection using one of a random matrix, a pseudorandom matrix, a sparse matrix and a code matrix. The step of tracking said signal of interest with a phase-locked loop may comprise, for example, operating on compressively sampled data or by operating on compressively sampled frequency modulated data, tracking phase and frequency.