Frequency response measurement, or the forward transmission coefficient (S21) measurement for a two-port network, is the key function of a vector network analyzer (VNA). In this paper, a broadband and high dynamic range (DR) microwave S21 parameter measurement scheme based on an optical phase-locked loop (OPLL) is proposed. By heterodyning two phase-locked hybrid integrated ultra-narrow linewidth lasers, a microwave signal with low phase noise and spurious level is generated as the incident signal and reference signal, and the signal frequency can be easily manipulated over a wide range by tuning the master laser wavelength. In the receiver, the radio frequency (RF) signals are down-converted to intermediate frequency (IF) signals with the phase-locked lasers. By sampling and processing the IF signals the S21 parameter of the DUT can be acquired. A proof-of-concept experiment is performed, and with available photodetectors, phase modulators and phase-locked loops, a measurable range of 2 to 18 GHz is achieved. The demonstrated minimum frequency resolution of the OPLL-based RF signal synthesizer is 10 Hz. The system DR exceeds 68 dB at an equivalent resolution bandwidth of 1 kHz. The S21 parameters of a power divider and a bandpass filter are measured, and the results are well consistent with those of a commercial VNA. The DR and measurable range limit factors and possible extension methods are discussed. The proposed approach offers a high potential way to develop a wideband, high DR, and fully integrated VNA.