A method includes receiving data corresponding to a voltage level over time and a current level over time. The method also includes determining a first ratio corresponding to a voltage ramp percent or a voltage falling edge percent with respect to a peak in the voltage level and determining a second ratio corresponding to a current ramp ratio or a current falling edge ratio with respect to a peak in the current level. The method further includes determining, based on a comparison between the first ratio and the second ratio, whether to increment, decrement, or maintain an inductance compensation estimation value corresponding to an estimated inductance present in one or more secondary components associated with the welding operation.