A dynamic simulation engine, having system parameters, may be provided for a component of an electrical power system (e.g., a generator, wind turbine, etc.). A model parameter tuning engine may receive, from a measurement data store, measurement data measured by an electrical power system measurement unit (e.g., a phasor measurement unit or digital fault recorder measuring a disturbance event). The model parameter tuning engine may then pre-condition the measurement data and set-up an optimization problem based on a result of the pre-conditioning. The system parameters of the dynamic simulation engine may be determined by solving the optimization problem with an iterative method until at least one convergence criteria is met. According to some embodiments, solving the optimization problem includes a Jacobian approximation that does not call the dynamic simulation engine if an improvement of residual meets a pre-defined criteria.