We present a new technique for broadband liquid characterization using a semi-open, vertically oriented test cell that is measured with a calibrated vector network analyzer in three states: the empty one and filled with two different volumes of the liquid under test. Using the measurements, we de-embed a transfer matrix representing a volume increment of the liquid sample and determine its column height with a novel closed-form formula. Thanks to the de-embedding, the method enables one, for the first time, to completely remove effects caused by a reproducible meniscus forming the top surface of a liquid tested in the cell and determine not only the propagation constant, but also characteristic impedance of the liquid sample, from which its permittivity and permeability are calculated. The results are highly consistent, because all the measurements are performed without disassembling the cell. We validate experimental results of the meniscus removal method by comparing them with reference data and outcomes of the Nicolson–Ross–Weir method.