A system and method for MIB estimation including generating a signal model for rank=2, based on the reference signals of a received wireless signal; converting the signal model to a four-parameter representation; determining, for values of parameters derived from the four-parameter representation, whether mutual information per bit (MIB) values depend on a single parameter or on a plurality of parameters; if the MIB values depend on the single parameter, calculating MIB values based on the single parameter; and if the MIB values depend on the plurality of parameters, calculating MIB values based on the plurality of parameters. Calculating MIB values based on the single parameter, determining, whether MIB values depend on a single parameter or on a plurality of parameters and, calculating MIB values based on the plurality of parameters, are performed using a machine learning algorithm.