Neural networks are used in many applications such as image recognition, classification, control and system identification. However, the parameters of the identified system are embedded within the neural network architecture and are not identified explicitly. In this paper, a mathematical relationship between the network weights and the transfer function parameters is derived. Furthermore, an easy-to-follow algorithm that can estimate the transfer function models for multi-layer feedforward neural networks is proposed. These estimated models provide an insight into the system dynamics, where information such as time response, frequency response, and pole/zero locations can be calculated and analyzed. In order to validate the suitability and accuracy of the proposed algorithm, four different simulation examples are provided and analyzed for three-layer neural network models.