This paper presents an efficient algorithm to estimate the maximum load level for heavily loaded power systems with the load-generation vector obtained by ELD (Economic Load Dispach) and/or short term load forecasting while utilizing the elliptic pattern of the P-e curve. It is well known the power flow equation in the rectangular corrdinate is jully quadratic. However, the coupling between e and f makes it difficult to take advantage of this quadratic characteristic. In this paper, the elliptic characteristics of P-e curve are illustrated and a simple technique is proposed to reflect the e-f coupling effects on the estimation of maximum loadability with theoretical analysis. An efficient estimation algorithm has been developed with the use of the elliptic properties of the P-e curve. The proposed algorithm is tested on IEEE 14 bus system, New England 39 bus system and IEEE 118 bus system, which shows that the maximum load level can be efficiently estimated with remarkable improvement in accuracy.