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This paper presents a novel method to estimate transformer saturation characteristics that extend to the 'deep' saturation region. The basic idea of the method is to use recorded inrush voltage and current waveforms to estimate the saturation characteristics. Accurate representation of a transformer's 'deep' saturation region is important for studying the impact of transformer energization and its inrush currents. The performance and accuracy of the proposed method have been verified by a close agreement between simulation results and recorded inrush waveforms.