Speed feedback is indispensable not only for closed-loop controlled induction motors (IM) but also for the state monitoring systems of open-loop controlled IMs. Replacing speed sensors with speed estimations has many advantages including, e.g., hardware complexity reduction, sensor cabling elimination, and reduction of IM drive costs. From the various methods for IM speed estimation proposed in the literature, the model reference adaptive system (MRAS)-based speed estimator stands out because of its straightforward synthesis technique and lower computational complexity. On the other hand, this estimator is inherently sensitive to mismatching of IM equivalent circuit parameters. During transients, when the slip frequency cannot be temporarily controlled over the assumed operating point, rotor impedance varies with the slip frequency changes. This phenomenon is even more significant for open-loop controlled high-slip IMs (NEMA design D IMs), which operate under the cycling load like in, e.g., oil well pumps. The rate and the range of rotor impedance variability are related to the rate and the range of the slip frequency changes. Therefore, a speed estimator capable of modelling the slip frequency dependent variability of the rotor impedance may be required, particularly for the state monitoring systems of open-loop controlled IMs. This paper presents an MRAS-based speed estimator developed on the IM space vector model with the rotor impedance variability modelled by the parallel connected branches of the series rotor equivalent resistance and leakage inductance. The experimental test results confirm the precise speed estimation of the tested IMs achieved by the devised MRAS-based speed estimator in the considered slip frequency range and indicate its potential industrial application.