Simple and non-invasive methods to estimate vital signs are very important for preventive healthcare. In this paper, we present a methodology to estimate Blood Pressure (BP) using Photoplethysmography (PPG). Instead of directly relating systolic and diastolic BP values with PPG features, our proposed methodology initially maps PPG features with some person specific intermediate latent parameters and later derives BP values from them. The 2-Element Windkessel model has been considered in the current context to estimate total peripheral resistance and arterial compliance of a person using PPG features, followed by linear regression for simulating arterial blood pressure. Experimental results, performed on a standard hospital dataset yielded absolute errors of 0.78±13.1 mmHg and 0.59 ± 10.23 mmHg for systolic and diastolic BP values respectively. Results also indicate that the methodology is more robust than the standard methodologies that directly estimate BP values from PPG signal.