We present an electron paramagnetic resonance (EPR) spectrometer featuring an arbitrary waveform generator (AWG) operating at 8--10 GHz (X-band) and based on a 1 GHz digital-to-analog converter (DAC) board with a 42 dB (i.e. 14-bit) dynamic range, which was developed to widen the scope of pulsed EPR and enable new experiments. This spectrometer generates shaped pulses with precise amplitude and phase control and can specify pulse lengths and delays with a time resolution of ≤250 ps. We demonstrate the capabilities of the spectrometer by presenting spin-echo measurements that implement an entirely digitally controlled and calibrated 16-step phase cycle and by measuring the excitation profiles seen by the spins in the microwave resonator as they respond to various pulse shapes, including rectangular, triangular, Gaussian, sinc and adiabatic rapid passage waveforms. Potential applications of these capabilities, and their implementation in commercial instrumentation will be discussed.