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Joint estimation of time-frequency parameters plays a very important role for source localization in many research areas, such as radar, sonar, communication, geological exploration, and biomedical engineering. A novel and efficient modified reduced interference distribution (MRID) by windowing in the time domain and smoothing in segmentation is proposed for the joint estimation of time and frequency parameters of multiple source signals. The MRID method can obviously improve the processing speed with less loss in estimation performance. Computer simulations and experiments are conducted to show the performance in precision and resolution as well as the reduction in computation by using the MRID.