Real-Time Hybrid Simulation (RTHS) is a novel approach conceived to evaluate dynamic responses of structures with parts of a structure physically tested and the remainder parts numerically modelled. In RTHS, delay estimation is often a precondition of compensation; nonetheless, system delay may vary during testing. Consequently, it is sometimes necessary to measure delay online. Along these lines, this paper proposes an online delay estimation method using least-squares algorithm based on a simplified physical system model, i.e., a pure delay multiplied by a gain reflecting amplitude errors of physical system control. Advantages and disadvantages of different delay estimation methods based on this simplified model are firstly discussed. Subsequently, it introduces the least-squares algorithm in order to render the estimator based on Taylor series more practical yet effective. As a result, relevant parameter choice results to be quite easy. Finally in order to verify performance of the proposed method, numerical simulations and RTHS with a buckling-restrained brace specimen are carried out. Relevant results show that the proposed technique is endowed with good convergence speed and accuracy, even when measurement noises and amplitude errors of actuator control are present.