1. In a waveform data analyzer that receives a plurality of waveform samples, wherein the waveform samples represent a waveform having at least two waveform states, a system for compressing the waveform samples, the system comprising: a waveform state processor coupled to receive the waveform samples and producing one or more waveform state sample vectors, wherein the waveform state processor determines a corresponding waveform state for each waveform sample, and wherein the waveform state sample vector includes consecutive waveform samples in the corresponding waveform state; and an encoder coupled to receive the waveform state sample vector and producing compressed waveform data, the encoder further including a waveform state encoder for each waveform state, wherein each waveform state encoder receives and encodes the waveform state sample vector in the corresponding waveform state to form compressed waveform data.