In the traditional highperformance control scheme of induction motor, the motor model ignored the influence of motor iron loss, and had a certain deviation from the actual physical model. Based on the induction motor model including the iron loss equivalent resistance, a new excitation current calculation method was established. The current and voltage signals were sampled and discretely processed with high precision, and the motor model was mathematically derived, based on which the recursive least squares algorithm was used for online identification of iron loss resistance, rotor resistance, etc. The MATLAB simulation model was established, and the parameter identification algorithm was verified. The simulation results showed that the proposed method could achieve high precision identification under different working conditions, and could quickly follow the variation of the parameters to be identified, which provided reference for induction motor highperformance control.