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The characteristic impedance is the voltage-to-current ratio of a single forward travelling wave on a uniform transmission line. For real $Z_0$ and a real load resistance $R_L$, the voltage-wave reflection coefficient is $(R_L-Z_0)/(R_L+Z_0)$ and the power accepted by the load is the incident power times $4R_L{Z}_0/(R_L+Z_0{)}^2$.

For ideal coaxial conductors of radii $a<b$ filled with a homogeneous permittivity $ϵ$ and magnetic permeability $\mu$, Gauss's law gives $E_r=\lambda /(2\pi ϵr)$ and hence $C^{\prime }=2\pi ϵ/\ln (b/a)$. The magnetic field $H_{\phi }=I/(2\pi r)$ has energy per unit length $L^{\prime }{I}^2/2$, giving $L^{\prime }=\mu \ln (b/a)/(2\pi )$. These are the external-field parameters when internal magnetic penetration into the conductors is neglected. Their product is $L^{\prime }{C}^{\prime }=\mu ϵ$, and the characteristic impedance is $\sqrt{L^{\prime }/C^{\prime }}=\sqrt{\mu /ϵ}\ln (b/a)/(2\pi )$.

Two perfectly conducting wide strips of width $a$ and separation $d\ll a$, filled with a homogeneous nonmagnetic dielectric of absolute permittivity $\epsilon$, support a transverse electromagnetic mode. Ignoring edge fields, their distributed capacitance is $C^{\prime }=\epsilon a/d$ and distributed external inductance is $L^{\prime }={\mu }_{0}d/a$. The magnetic-energy integral ${\mu }_0(I/a{)}^{2}ad/2=L^{\prime }{I}^2/2$ gives the latter. Their characteristic impedance is $Z_0=(d/a)\sqrt{{\mu }_0/\epsilon }$ and propagation speed is $1/\sqrt{{\mu }_0\epsilon }$. These parameters are per unit length, distinct from a lumped capacitor and inductor.

A lossless intermediate section of positive real characteristic impedance $Z_M$ matches unequal real exterior characteristic impedances $Z_L,Z_R$ when $Z_M^2=Z_L{Z}_R$ and its propagation wave phase is an odd multiple of $\pi /2$. The length is an odd quarter of the internal wavelength. This principle also applies to the characteristic impedance of a stretched string.

For a uniform intermediate string of length $l$, put $\delta =k_{M}l$. Continuity of displacement and transverse force gives the displacement reflection coefficientAt real positive mechanical impedances, the denominator never vanishes. Its numerator vanishes only if $(Z_L-Z_R)\cos \delta =0$ and $(Z_M^2-Z_L{Z}_R)\sin \delta =0$. Thus unequal exterior strings require the quarter-wave condition. Equal exterior strings with a different middle string instead transmit perfectly at integer half-wavelengths; if all three mechanical impedances agree, every frequency is matched.

On a uniform lossless transmission line, incident and reflected sinusoidal waves give voltage maxima $|V^{+}|(1+|\Gamma |)$ and minima $|V^{+}|(1-|\Gamma |)$. Their ratio is the voltage standing wave ratio, $(1+|\Gamma |)/(1-|\Gamma |)$, where $\Gamma$ is the voltage-wave reflection coefficient. A matched termination gives one, while perfect reflection gives an infinite ratio. These expressions assume a common real characteristic impedance and no propagation attenuation between the compared extrema.

A distributed transmission line with per-unit-length series resistance $R^{\prime }$, series inductance $L^{\prime }$, shunt conductance $G^{\prime }$ and shunt capacitance $C^{\prime }$ obeys the displayed coupled first-order equations by applying Kirchhoff's voltage law and Kirchhoff's current law to a short element. With $R^{\prime }=G^{\prime }=0$, both voltage and current satisfy a wave equation with speed $1/\sqrt{L^{\prime }{C}^{\prime }}$ and characteristic impedance $\sqrt{L^{\prime }/C^{\prime }}$. The quantities $R^{\prime },L^{\prime },G^{\prime },C^{\prime }$ are distributed parameters, not a single lumped resistor or capacitor.

A transmission line guides travelling voltage and current waves. Its distributed electrical properties determine its characteristic impedance. A mismatch at a terminal produces reflected waves; available power, delivered power and returned power are distinct quantities.