Electromagnetically induced transparency in atomic systems involving Rydberg states is known to be a sensitive probe of incident microwave (MW) fields, in p articular those resonant with Rydberg-to-Rydberg transitions. Here we propose an intelligible analytical model of a Rydberg atomic receiver's response to amplitude-(AM) and frequency-modulated (FM) signals and compare it with experimental results, presenting a setup that allows send-ing signals with either AM or FM and evaluating their efficiency with demodulation. Additionally, the setup reveals a detection configuration using all circular polarizations for optical fields and allowing detection of a circularly polarized MW field, propagating colinearly with optical beams. In our measurements, we systematically show that several parameters exhibit local optimum characteristics and then estimate these optimal parameters and working ranges, addressing the need to devise a robust Rydberg MW sensor and its operational protocol.