Summary: Parameter identification of dynamical systems through a new method that treats the unknown parameters as time dependent is reported. With appropriate observational data, the unknown system parameters are guided from an arbitrary initial condition to their true value at a final time. An explicit equation describing the time evolution of the parameters is obtained by minimizing the error along the trajectory. The method leads to an iterative algorithm, which is described in detail. Numerical results with the method indicate that accurate estimates of the unknown parameters can be obtained.