Precise and authentic estimation of the dynamic features of rotating machines and prevention of failure requires accurate experimental characterisation of their critical components, for example, bearings and couplings. These are difficult to model theoretically, and they often suffer from uncertain parameters in their model. Especially, when there is a misalignment in the rotor system, dynamic characterisation of bearings and couplings changes drastically. In the present study, multiple fault parameters (MFPs) of critical components of turbo-generator, that is, bearing and coupling together with residual unbalances (RUs), are evaluated experimentally using model-based methodology. A test rig was developed and used for experimentation in which different levels of misalignment was introduced. After estimating the MFPs, then the accuracy was checkedthrough an impact test on the rotor test rig. The effect of different levels of misalignments on estimated parameters was studied.