This paper describes the performance analysis of a distributed antenna system which includes space and path diversity with radio channel estimation. This system is used for CDMA personal communication systems. In this paper, the performance of a diversity system is analyzed precisely considering multipath and inter-antenna interference. In a diversity system, the adaptive RAKE receiver which estimates the characteristics of a radio channel adaptively has been used for diversity combining. In the adaptive RAKE, the time-variant characteristic has been approximated by a time function. In this paper, the estimation performance of the adaptive RAKE is analyzed in cases of time functions of 0-th, first and second degrees. The performances are evaluated and compared with the differential RAKE. The adaptive RAKE is found to improve the signal quality of more than 2dB in comparison with the differential RAKE. It is also found that the optimum parameter design can be achieved flexibly for radio channel estimation by using higher degree time functions.