An iterative technique based on orthogonal filters and frequency tracking is proposed to estimate harmonic components in power systems. The technique uses frequency interpolation to estimate fundamental frequency and harmonics when the nominal frequency of the signal is a non-integer value. Due to the number of computations involved during the generation of filter coefficients, an offline computation is suggested. Beneficial features of the proposed technique include fixed sampling rate and fixed data window size. The performance of the proposed technique is examined by simulating different power system operating conditions and evaluating the data from these simulations. A technique based on Fast Fourier Transform is also used to estimate the harmonic components for all the simulated signals. These estimates are compared with those obtained from the proposed technique. Results show that the proposed technique can converge to the accurate fundamental frequency and therefore, provide accurate harmonic components even when the fundamental frequency is not equal to the nominal frequency.