The ability of Phasor Measurement Units to measure the phase angle of input signals makes them suitable for dynamic events monitoring. However, under dynamic conditions, e.g., power swing, the steady state definition of the synchrophasors is no more valid and the measurement accuracy is inevitably lower. A new algorithm is proposed for the dynamic phasor estimation, which is based on the Teager energy concept. The bandpass signal model is considered for the power system oscillations, and its complex envelop is estimated through the Teager energy operator. The usefulness of the proposed method is demonstrated through various simulated cases. The test results reveal that the proposed dynamic phasor estimation technique is fairly simple, fast and accurate.