An attenuation measurement system, which employs a traceable inductive voltage divider (IVD) at 1 kHz as a reference standard and dual-channel intermediate frequency (IF) substitution method, is developed as an attenuation standard in the frequency range of 10 to 100 MHz. High isolation between the channels is achieved by introducing an assembly of light emission diode, optical fiber, and photodetector into the system. Sources of uncertainties of the system, such as leakage, are discussed and the expanded uncertainties are expected to be 0.001 dB for an attenuation range up to 20 dB and 0.04 dB for 80 dB.