Biological time series often display complex oscillations with several interacting rhythmic components. Renal autoregulation, for instance, involves at least two separate mechanisms both of which can produce oscillatory variations in the pressures and flows of the individual nephrons. Using double-wavelet analysis we propose a method to examine how the instantaneous frequency and amplitude of a fast mode is modulated by the presence of a slower mode. Our method is applied both to experimental data from normotensive and hypertensive rats showing different oscillatory patterns and to simulation results obtained from a physiologically based model of the nephron pressure and flow control. We reveal a nonlinear interaction between the two mechanisms that regulate the renal blood flow in the form of frequency and amplitude modulation of the myogenic oscillations.