We study analytically and numerically the phase-modulation properties of a classical Josephson tunnel junction biased in the zero-voltage state and phase locked to an external ac field. We show that the phase-locked state is being modulated in the transients, or in response to perturbations, and the modulation frequency is calculated as a function of relevant system parameters, such as microwave field amplitude. Our analysis demonstrates that the modulation of a phase-locked state in an entirely classical Josephson junction produces oscillations analogous to quantum mechanical Rabi oscillations, expected to be observed under the same conditions.