As wind farms have great influences on power system stability, it is essential to develop an adaptive as well as robust equivalent model of it. In this paper, a detailed equivalent model of PMSG wind farm and initialization method is developed. The trajectory sensitivity of parameters is analyzed. Then, the key parameters are estimated using improved Genetic Learning Particle Swarm Optimization (GLPSO) hybrid algorithm with phasor measurement unit (PMU). The description and generalization capability, stability for parameter identification of the equivalent model under wake effects, and when some wind turbines are off-line or wind speed is unknown after an event are analyzed. The maximum differences between the values of estimated parameters and their real ones are less than 10% for the proportional magnification constant of DC voltage controller Kp2 and grid side current controller Kp3. The convergence rate and global optimization performance of the improved GLPSO hybrid algorithm is 0.5 times higher than the classical particle swarm optimization algorithm (PSO) and genetic algorithm (GA).