The introduction of synchrophasor technology to the realm of power systems has presented a myriad of novel approaches to age-old problems. In this thesis, the questions of instrument transformer calibration and transmission line parameter estimation have been examined. With synchrophasors offering real-time data for analysis, a solution to each individual problem seems feasible. A quandary however arises due to the fact that calibration methods depend on accurate knowledge of line parameters, and estimation of these parameters depend on calibrated measurements. Traditional methods of determining the parameters may not be the most accurate due to a variety of fluctuations possible on the system, which is why real-time estimation could prove beneficial. This work analyzes each problem and a feasible solution and proposes a method to achieve transducer calibration as well as parameter estimation together, while employing synchronized phasor measurements.