This paper presents new Adaptive Linear Combination Structure (ADALINE) for tracking/estimating voltage-current phasor and frequency of power system. To estimate the phasors and frequency from sampled data, the algorithm assumes that orthogonal coefficients and speed of angular frequency of power system are unknown parameters. With adequate sampled data, the estimation problem can be considered as a linear weighted least squares (LMS) problem. In addition to determining the phasors (orthogonal coefficients), the procedure estimates the power system frequency. The main algorithm is verified through a computer simulation and data from field. The proposed algorithm is tested with transient and dynamic behaviors during power swing, a step change of frequency upon islanding of small generators and disconnection of load. The algorithm shows a very high accuracy, robustness, fast response time and adaptive performance over a wide range of frequency, from 10 to 2000 Hz.