The estimation speed of positioning parameters determines the effectiveness of the positioning system. The time of arrival (TOA) and direction of arrival (DOA) parameters can be estimated by the space-time two-dimensional multiple signal classification (2D-MUSIC) algorithm for array antenna. However, this algorithm needs much time to complete the two-dimensional pseudo spectral peak search, which makes it difficult to apply in practice. Aiming at solving this problem, a fast estimation method of space-time two-dimensional positioning parameters based on Hadamard product is proposed in orthogonal frequency division multiplexing (OFDM) system, and the Cramer-Rao bound (CRB) is also presented. Firstly, according to the channel frequency domain response vector of each array, the channel frequency domain estimation vector is constructed using the Hadamard product form containing location information. Then, the autocorrelation matrix of the channel response vector for the extended array element in frequency domain and the noise subspace are calculated successively. Finally, by combining the closed-form solution and parameter pairing, the fast joint estimation for time delay and arrival direction is accomplished. The theoretical analysis and simulation results show that the proposed algorithm can significantly reduce the computational complexity and guarantee that the estimation accuracy is not only better than estimating signal parameters via rotational invariance techniques (ESPRIT) algorithm and 2D matrix pencil (MP) algorithm but also close to 2D-MUSIC algorithm. Moreover, the proposed algorithm also has certain adaptability to multipath environment and effectively improves the ability of fast acquisition of location parameters.