Parameter identification of an induction machine is of great importance in numerous industrial applications. This paper used time-varied signals of voltage, current, and rotor speed to compute the equivalent circuit parameters, moment of inertia, and friction coefficient of an induction machine. The theoretical impedance-slip rate characteristic curve of the induction machine can be expressed as a polynomial fraction, so that a proper polynomial fraction can obtain complete and accurate parameters. A time-varied impedance can be found by the time-varied voltage and current. From the variation of impedance to the rotor speed, the parameters of the equivalent circuit can be found. According to the equivalent circuit and rotor speed, the torque can be determined via dynamic simulation. On the basis of torque and rotor speed with time, the moment of inertia and friction coefficient of the motor can then be obtained. Advantages of this method include the ability to obtain the optimal value via only one calculation, without the requirement of any initial value, and the avoidance of any local optimal solution. In this paper, the analysis of a practical induction machine was used as an example to illustrate the practical application.