In process industries, closed-loop step and closed-loop relay feedback tests are popularly used for estimating model parameters. In this paper, different methods available in the literature for parameter estimation using conventional techniques and techniques based on relay feedback test are surveyed by reviewing around 152 research articles published during the past three decades. Through a comprehensive survey of available literature, the parameter estimation methods are classified into two broad groups, namely conventional techniques and relay-based parametric estimation techniques. These relay-based techniques are further classified into two subgroups, namely single-input-single-output (SISO) systems and multi-input-multi-output systems (both square and nonsquare), and are revealed in a lucid manner with the help of benchmark examples and case studies. For the above categorized methods, the procedural steps involved in relay-based parametric estimation methods are also presented. To facilitate the readers, comparison tables are included to comprehend the results of different parametric estimation techniques available in the literature. The incorporation of quantitative and qualitative analysis of papers published in various journals in the above area with the help of pie charts and graphs would enable the readers to grasp the overview of the research activity being carried out in the relay feedback domain. At the end, the challenging issues in relay-based parametric estimation methods and the directions for future investigations that can be explored are also highlighted.