In eddy current nondestructive evaluation, one of the principal challenges is to determine the dimensions of defects in multilayered structures from the measured signals. It is a typical inverse problem which is generally considered to be nonlinear and ill-posed. In the paper, two effective approaches have been proposed to estimate the defect dimensions. The first one is a partial least squares (PLS) regression method. The second one is a kernel partial least squares (KPLS) regression method. The experimental research is carried out. In experiments, the eddy current signals responding to magnetic field changes are detected by a giant magnetoresistive (GMR) sensor and preprocessed for noise elimination using a wavelet packet analysis (WPA) method. Then, the proposed two approaches are used to construct the inversion models of defect dimension estimation. Finally, the estimation results are analyzed. The performance comparison between the proposed two approaches and the artificial neural network (ANN) method is presented. The comparison results demonstrate the feasibility and validity of the proposed two methods. Between them, the KPLS regression method gives a better prediction performance than the PLS regression method at present.