Synchrophasor estimation is typically performed by means of spectral analysis based on the discrete Fourier transform (DFT). Traditional DFT approaches, though, suffer from several uncertainty contributions due to the stationarity assumption, spectral leakage effects, and the finite-grid resolution. This paper addresses these limitations, by proposing a joint application of the Hilbert transform (HT) and the interpolated DFT (IpDFT) technique. Specifically, the HT enables the suppression of the spectral leakage generated by the negative image of the tones under analysis, whereas the IpDFT limits the effects of spectrum granularity. In order to relax the constraint in terms of measurement reporting latency, the proposed estimator can adopt a window length of 40 ms and yet provides a noticeable estimation accuracy with a worst-case total vector error and frequency error equal to 0.02% and 4 mHz, respectively, in steady-state conditions. In this context, this paper discusses the most suitable setting of the algorithm parameters and their effect on spurious component rejection. Moreover, a thorough metrological characterization of the algorithm estimation accuracy and responsiveness with respect to the IEEE Std. C37.118.1 is carried out in order to detect the main uncertainty sources as well as possible room for enhancement. Finally, a comparison with two consolidated IpDFT approaches shows the actual performance enhancement provided by the proposed algorithm.