A methodology for identifying the parameters of a synchronous hydrogenerator in operation (on-line) has been defined, which is based on measurements available within the hydrogenerator monitoring system. The identification procedure uses data from recorded responses of generator variables in the small displacement regime, in quasi-stationary and transient states, with the application of appropriate estimation models and procedures. The identification procedure is divided into three steps, and the theoretical verification of each step, based on appropriate simulation responses, gave very good results for all parameters of the standard mathematical model of a synchronous hydrogenerator. Experimental research was carried out using a measuring system installed on a 26 MVA generator in the Peruca HPP on the Cetina River. Experimental results for synchronous reactance in the longitudinal and transverse axes of the machine are presented. The paper also defines a procedure for identifying the parameters of the equivalent network using the same measuring system. The accuracy of the estimation of the parameters of the alternative network was verified by measurements on a laboratory model, and the results obtained by measurements in the actual operation of the Peruca HPP are also presented.