Based on the floating reference theory, a new method for extracting the net analyte signal (NAS) is proposed. The noise background subspace is spanned by spectra at the floating radial reference point, and then, the spectra at the measurement point are projected on the subspace. Thereafter, the glucose concentrations in intralipid solutions are investigated through Monte Carlo simulation and experiments, and the partial least squares (PLS) models with and without NAS analysis are built. The root mean square errors of calibration and prediction reach to 28.87% and 27.33%, respectively. The results confirm the existence of information induced by glucose concentration variations as well as the validity of the floating reference theory.