You need two signal generators with a coupler to get one input to mixer. Then a spectrum analyzer to see the spectrum at mixer output.
Adjust the input signal pair to get equal power into the mixer, then see the spectrum. In addition to the output signal pair at appropriate frequencies you will see more pairs under and above the "nominal" pair.
IP3 is usually defined for 20 or 30 dB ratio between the "nominal" output power and the first "other" side bands.
When you vary mixer input level(s) smoothly, you will see that the above ratio varies by more dB than the dB change of the input level. This means that mixer element is being saturated, and generates more harmonics and combination frequencies in the output spectrum.
Find Agilent White Paper on Intermodulation Measurement to find more details and instrumentation.