Load modeling has a significant influence on power system analysis and control. In recent years, measurement-based load modeling has been widely practiced. In the load modeling algorithm, the model structure is determined and the parameters of the established model are estimated. For parameter estimation, least-squares optimization method is applied. The model parameters are estimated so that the error between the measured values and the predicted values is to be minimized. By introducing sliding window concept, on-line load modeling method can be performed which reflects the dynamic behaviors of loads in real-time. For the purpose of data acquisition, the measurement system including PMU is implemented in university level. In this paper, case studies are performed using real PMU data from Korea Univ. and Seoul National University of Science and Technology. The performances of modeling real and reactive power behaviors using exponential and ZIP load model are evaluated.