The main advantage of this algorithm for a conventional Fourier-transform based methods is the explicit inclusion of the experimental uncertainties into the calculation of the RDF, arbitrary choice of the r-space resolution, and also the direct calculation of the RDF uncertainties and correlations between the resulting RDF amplitudes. The proposed algorithm may be useful for time-resolved electron diffraction at the large-scale facilities, such as MeV-UED facility in Stanford or REGAE setup in Hamburg. Besides, it can be useful for time-resolved gas X-ray diffraction studies with the X-ray free-electron lasers (XFELs), such as European XFEL and Linac Coherent Light Source (LCLS).