To monitor the torque of an induction motor using current, the accurate identification of the motor parameters is very important. In this study, the motor parameters such as rotor resistance, stator and rotor leakage inductance, mutual inductance are estimated for torque monitoring and indirect vector control. Estimated parameters are used to monitor the torque of vector controlled induction motor without any speed measuring sensor. Stator current is measured to estimate the magnetizing current which is used to calculate flux linkage, rotor velocity and motor torque. From the experiments, the proposed method shows a good estimation of the motor parameters and torque under the normal rotational speed.