Traction machines have been frequently used to study the rheological properties of lubricants in elasto-hydrodynamic lubrication (EHL) contacts. Fundamental properties are inferred from EHL traction measurements based on the average pressures and temperatures in the contact. This average approach leads to uncertainty in the accuracy of the results due to the highly nonlinear response of fluid rheological behavior to both pressure and temperature. A non-averaging method is developed in this paper to determine the elastic and plastic properties of traction fluids operating in EHL contacts at small slide-to-roll ratios. A precision line-contact traction rig is used to measure the EHL traction at a given oil temperature and Hertz pressure. By choosing a sensible pressure-property expression, the parameters of the expression can be determined through the initial slope and peak traction coefficient of the traction measurements. The elastic shear modulus and the limiting shear stress of the lubricant corresponding to a single pressure can then be calculated for a range of pressures and temperatures of practical interest. Two high-traction fluids are studied, and their elastic moduli and limiting shear stresses presented.