Real-time estimation of power transmission line impedance parameters has become possible with the availability of synchronized phasor (synchrophasor) measurements of voltage and current. If sufficiently accurate, the estimated parameter values are a powerful tool for improving the performance of a range of power system monitoring, protection, and control applications, including fault location and dynamic thermal line rating. The accuracy of the parameter estimates can be reduced by unknown errors in the synchrophasors that are introduced in the measurement process. In this paper, a method is proposed with the aim of obtaining accurate estimates of potentially variable impedance parameters, in the presence of systematic errors in voltage and current measurements. The method is based on optimization to identify correction constants for the phasors. A case study of a simulated transmission line is presented to demonstrate the effectiveness of the new method, which is better in comparison with a previously proposed method. The results, as well as limits, and the potential extensions of the new method are discussed.