This paper presents a systematic approach to extract electrical equivalent circuit model (ECM) parameters of the Li-ion battery (LIB) based on electrochemical impedance spectroscopy (EIS). Particularly, the proposed approach is suitable to practical applications where the measurement noise can be significant, resulting in a low signal-to-noise ratio. Given the EIS measurements, the proposed approach can be used to obtain the ECM parameters of a battery. Then, a time domain approach is employed to validate the accuracy of estimated ECM parameters. In order to investigate whether the ECM parameters vary as the battery’s state of charge (SOC) changes, the EIS experiment was repeated at nine different SOCs. The experimental results show that the proposed approach is consistent in estimating the ECM parameters. It is found that the battery parameters, such as internal resistance, capacitance and inductance, remain the same for practical SOC ranges starting from 20% until 90%. The ECM parameters saw a significant change at low SOC levels. Furthermore, the experimental data show that the resistive components estimated in the frequency domain are very close to the internal resistance estimated in the time domain. The proposed approach was applied to eight different battery cells consisting of two different manufacturers and produced consistent results.