Multipath remains a dominant source of ranging errors in GNSS (Global Navigation Satellite System). And it is generally considered undesirable in the context of GNSS, since the reception of multipath can make significant distortion to the shape of the correlation function. In this paper, therefore, the model of the distorted shape of the correlation function is formulated and a MBME (Model-Based Multipath Estimation) technique for GPS L1/L5 receivers is proposed in order to estimate the parameters of the indirect signal such as the amplitude and the delay. The MBME technique does not require the any hardware modifications and it can estimate the parameters for both the short and long-delay multipath. Especially, it would be the very effective technique for the short-delay multipath if the L5 signal is available. Finally, the feasibility of the proposed technique has been confirmed by simulation results.