The invention provides an online identification method and device for network-involved parameters of a speed regulation system of a generator set. The method comprises the steps that a primary frequency modulation action event is acquired first, and the initial power of the generator set is determined; the correlation coefficient and absolute error between the actual power curve and theoretical power curve of the generator set are calculated; and finally online identification is carried out on the network-involved parameters of the speed regulation system of the generator set. The primary frequency modulation performance of the generator set can be truly reflected, so as to ensure that the generator set has sufficient primary frequency modulation capability under the ever-changing load demand of a power grid. According to the invention, the network-involved parameters which comprise difference adjustment coefficients and primary frequency modulation delay time are identified by calculating the correlation coefficient between the actual power curve and the theoretical power curve of the generator set; the network-involved parameters are more objective, more realistic, and closer tothe actual operating condition; technical means are provided for the assessment of the network-involved parameters of the speed regulation system of the generator set; the coordination performance ofa network source is improved; and the safe and stable operation level of the power grid is improved.