A complete and systematic noise analysis of radiometer front-ends, including both total power and correlation measurements, is presented. The procedure uses the concepts of noise waves and S-parameters, widely used in microwave systems design and takes into account full noise characterization of receivers including mismatch effects. The general formulation is compatible with known total power radiometer analysis and is specially appropriate in correlation radiometers for which the effect of nonideal components, such as input isolators, is analyzed. Along with numerical simulations, simple formulas are given to compute the measured visibility in nonideal conditions. The analysis is validated using experimental results consisting of correlation measurements of four receivers placed inside an anechoic chamber. Good agreement between theoretical predictions and experimental data is observed.