Estimating the fundamental frequency and harmonic parameters is basic for signal modelling in a power supply system. Differing from the existing parameter estimation algorithms either in power quality monitoring or in harmonic compensation, the proposed algorithm enables a simultaneous estimation of the fundamental frequency, the amplitudes and phases of harmonic waves. A pure sinusoid is obtained from an input multiharmonic input signal by finite-impulse-response (FIR) comb filters. Proposed algorithm is based on the use of partial derivatives of the processed signal and the weighted estimation procedure to estimate the fundamental frequency, the amplitude and the phase of a multi-sinusoidal signal. The proposed algorithm can be applied in signal reconstruction, spectral estimation, system identification, as well as in other important signal processing problems. The simulation results verify the effectiveness of the proposed algorithm.