To solve the problems in modulation recognition of two time-frequency overlapped MPSK signals in single channel, an method based on combined feature parameters is put forward. According to the distinctiveness of the time-frequecy overlapped signals in the cyclic frequency and the signals’ instantaneous correlation, it takes advantage of two parameters to classify and recognize the arbitrary combinations of two MPSK modulation signals. The simulation results show that, in the case that SNR is above 6dB, the signal combinations can be recognized correctly with the average rate of close to 90%.