Fundamental voltage, current and phase magnitude estimates are required for a wide variety of power system applications. In this paper, a review of a novel nonlinear adaptive filtering algorithm for power system applications is presented. The algorithm has the ability to track and estimate the parameters of a sinusoid in real-time. This makes it suitable for a wide range of applications in electrical engineering. It is compared to other methods of tracking power signals such as the Fourier and Wavelet analysis. Suitability of the algorithm for application in power quality, voltage and frequency control and under frequency relaying has been identified