This paper discusses the advantages of using Fourier-based periodic excitation and of combining internal and external models in dynamic robot parameter identification. Internal models relate the joint torques or forces with the motion of the robot; external models relate the reaction forces and torques on the bedplate with the motion data. This combined model allows to combine joint torque/force and reaction torque/force measurements in one parameter estimation scheme. This combined model estimation will yield more accurate parameter estimates, and consequently better predictions of actuator torque, which is shown by means of a simulated experiment on a CRS A465 industrial robot.