METHOD AND SYSTEM TO ESTIMATE EQUIVALENT PARAMETERS FOR AN EXTERNAL NETWORK

Embodiments of present disclosure relates to stable and reliable, method and system to estimate equivalent parameters 213 for external network 105. Simplified network 303 is established for power system 102 comprising internal network 104. 301, 401 and external network 105. Simplified network 303 may be established based on state variables of internal network 104. 301, 401. External network 105 is represented as bus with predefined state variables 502.1, 502.2 for external network 105. Simplified network 303 is established by estimating network parameters 209 for external network 105 using state variables and measurements of internal network 104. 301, 401, and boundary buses of power system 102. Further, tuning of network parameters 209 is performed. Tuning comprises performing state estimation of power system 102 using network parameters 209, determining residual associated with state estimation, and optimizing network parameters 209 for performing further state estimation of power system 102 when residual is determined to be greater than threshold value 212. Tuning is performed until residual is determined to be lesser than threshold value 212. Upon optimizing, network parameters 209 are provided as equivalent parameters 213 for external network 105.