The invention relates to a load parameter identification device and method for an electric power system station terminal. The method comprises steps that 1), voltage and current signals of a power grid secondary loop are acquired in real time, after the acquired voltage and current signals are converted and filtered, discrete sampling is carried out to acquire original sampling values of the voltage and current signals; 2), the open state information of the power grid secondary loop is acquired in real time, after anti-shaking and discrimination of the acquired open state information are carried out, the information is converted into a digital signal, and the opening and closing state information of a line switch is acquired for man-machine interface display; 3), phasor calculation and load parameter identification are carried out according to the original sampling values of the voltage and current signals to acquire the phasor calculation result and the load parameter identification result; and 4), the opening and closing state information of the step 2) and the phasor data and the load model identification result acquired in the step 3) are displayed through a man-machine interface and are uploaded to a main scheduling station.