RDS is not used for audience measurement.
Nielsen, formerly Arbitron, requires stations in the 48 PPM rated markets to "encode" their signal with a data burst about 4 seconds long that is embedded in and masked by station audio. The data can be sent as many as 13 times a minute.
The burst includes the station (or stream of HD channel) identifier which is a Nielsen code, not the call letters and the time.
The PPM device, that we call a "meter" hears the embedded data burst only, and stores it to memory. When the meter is docked for charging, it sends each day's data to Nielsen.
If a signal is strong enough to be played at a volume level that the human ear can hear, then the PPM meter will detect it.
It's really unlikely that two PPM encoded signals would be heard on the same frequency in a metered market. Most markets don't have PPMs and use the traditional diary survey. In those markets, and unrated markets and rural areas, stations are not generally encoded.