This paper proposes the algorithm which estimates moment of the inertia and friction coefficient of friction for high performance speed control of electric motor. The proposed algorithm finds the moment of inertia and friction coefficient of friction by observing the speed error signal generated by the speed observer and using Recursive Least-Mean-Square method(RLS). By feedbacking the estimated inertia and estimated coefficient of friction to speed controller and full order speed observer, then the errors of the inertia and coefficient of friction and speed due to the inaccurate initial value are decreased. Inertia and coefficient of friction converge to the actual value within several times of speed changing. Simulation and actual experiment results are given to demonstrate the effectiveness of the proposed parameter estimator.