An estimation method for the characteristic parameters in the low frequency signal is proposed in this paper. A low frequency signal is assumed to be modulated or distorted by high frequency terms. The algorithm proposed in this paper is designed to select set of local maximums in a successive manner, hence it is denoted as the iterative peak picking(IPP) algorithm. The IPP algorithm is operating in the time domain and is using only the comparison operation between two neighboring samples. Therefore, its computational complexity is very low and the delay caused by the computation is negligible, which make the real-time operation possible with economic hardware. The proposed algorithm is verified on the pitch estimation of speech signal and blood pulse estimation.