Low-inertia microgrids may easily have a single load which can make up most of the total load, thereby greatly affecting stability and power quality. Instead of static load models, dynamic load models are presented here for constant current loads (CILs) and constant power loads (CPLs). Next, a flexible Power-Hardware-in-the-Loop (PHiL) testbed is employed for the experiments in this work. The PHiL testbed consists of a real-time computer working with a power amplifier in order to perturb its voltage and frequency. A connected load serves as the device under test (DUT). Using the captured experimental data as a reference, a parameter estimation algorithm is then implemented. The resulting parameter estimates are used to define simulation models. Both the CIL and CPL dynamic models are simulated to produce waveforms that closely resemble experimental waveforms. The algorithm, referred to as an enhanced monte carlo algorithm (EMCA), is explained in this work. Finally, the EMCA's resulting parameter estimates are presented.