In this study, a framework for the characterization of the dynamic interactions between RR variability (RRV) and systolic arterial pressure variability (SAPV) is proposed. The methodology accounts for the intrinsic non-stationarity of the cardiovascular system and includes the assessment of both the strength and the prevalent direction of local coupling. The smoothed pseudo-Wigner-Ville distribution (SPWVD) is used to estimate the time-frequency (TF) power, coherence, and phase-difference spectra with fine TF resolution. The interactions between the signals are quantified by time-varying indices, including the local coupling, phase differences, time delay, and baroreflex sensitivity (BRS). Every index is extracted from a specific TF region, localized by combining information from the different spectra. In 14 healthy subjects, a head-up tilt provoked an abrupt decrease in the cardiovascular coupling; a rapid change in the phase difference (from 0.37 ± 0.23 to -0.27 ± 0.22 rad) and time delay (from 0.26 ± 0.14 to -0.16 ± 0.16 s) in the high-frequency band; and a decrease in the BRS (from 23.72 ± 7.66 to 6.92 ± 2.51 ms mmHg(-1)). In the low-frequency range, during a head-up tilt, restoration of the baseline level of cardiovascular coupling took about 2 min and SAPV preceded RRV by about 0.85 s during the whole test. The analysis of the Eurobavar data set, which includes subjects with intact as well as impaired baroreflex, showed that the presented methodology represents an improved TF generalization of traditional time-invariant methodologies and can reveal dysfunctions in subjects with baroreflex impairment. Additionally, the results also suggest the use of non-stationary signal-processing techniques to analyze signals recorded under conditions that are usually supposed to be stationary.