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A load model is one of the most important elements in power system simulation and control. Recently, the constant impedance, constant current, and constant power load in combination with the induction motor load have been widely used as the composite load model, whose parameters are all identified from the field measurements in measurement-based load modeling practices so far. However, there is virtually no research conducted on whether all these parameters could really be identified. This paper investigates the possibility on reducing the number of composite load model parameters to be identified from field measurements. This paper first shows that direct application of the IEEE load motor parameters in the composite load model may be inadequate on describing the load dynamics over different operating status. Then the perturbation method is used to derive the trajectory sensitivities of the equivalent motor parameters, based on which the reduction on the identified parameters of the composite load model is presented. Two cases of measurement-based load modeling in North China and Northeast China are studied to illustrate the validity of the reduction method. It is shown that the reduction does not lose the model's capability on describing the load dynamics. The reduction on the number of identified parameters not only provides a possible way to solve the multi-valued load model problem based on the current practices on measurement-based load modeling, but it also facilitates building of the load model with more components included in it. Meanwhile, reducing the identified parameters reduces the identification time; thus, the proposed strategy significantly enhances the efficiency of the load modeling work.