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This paper presents a new method for tracking Thévenin equivalent parameters for a power system at a node using local phasor measurement unit (PMU) measurements. Three consecutive phasor measurements for voltage and current, recorded at one location, are used. The phase drifts caused by the measurement slip frequency are first determined and phase angles of the measured phasors are corrected so that the corrected phasors are synchronized to the same reference. The synchronized phasors are then used to determine the equivalent Thévenin parameters of the system.