System-wide monitoring and reliable identification of power quality (PQ) events and their sources is one of the critical requirements of modern grid. Synchronized phasor measurement has helped power engineers and utilities in fast and reliable state estimation and wide area monitoring of power system. This paper proposes a fast and reliable method for estimation of synchronized harmonic phasors. In the absence of a dedicated standard for harmonic phasor measurement, the IEEE Std. C37.118.1 for a fundamental synchrophasor measurement has been followed as the reference for formulation and evaluation of the proposed method. The performance of the proposed method has been investigated on the variety of simulated signals for steady state and dynamic conditions.1