A new frequency domain measurement method for a fiber-loop ring-down system is proposed in this Letter. Compared to traditional time domain measurement, this method uses a microwave modulated continuous wave (CW) laser as a light source, making full use of the duty cycle to achieve enhanced measurement efficiency. By measuring the amplitude modulation over a frequency span, this technique can be used to determine the ring-down time in the frequency domain, which will then be used to calculate the loss in the ring.