Parameter estimation of power plants is one of the main challenges of power system studies. Among different components of a power plant, excitation system (EXS) has great importance because of its effect on dynamic stability of power systems. Thus, it is vital to have accurate models of EXSs for power system dynamic studies. Since the field voltage and current are not accessible in brushless EXSs, parameter estimation of them is more difficult and challenging. Therefore, a new method is proposed in this paper to estimate field voltage signal using other measurements of the synchronous generator (SG). The proposed method is carried out through three stages; 1) parameter estimation of the SG using load rejection tests, 2) field voltage estimation, and 3) parameter estimation of EXS. The proposed method is applied to a 147 MVA industrial gas unit. The estimated model outputs are compared to the experimental results to show the accuracy and effectiveness of the proposed method.