This paper proposes a novel methodology to estimate equivalent inertia of an area, observed from its boundary buses where Phasor Measurement Units (PMUs) are assumed to be installed. The areas are divided according to the measurement points, and the methodology proposed can obtain the equivalent dynamic response of the area dependent of or independent of coherency of the generators inside, which is the first contribution of this paper. The methodology is divided in three parts: estimating the frequency response, estimating the power imbalance and estimating inertia through the solution of the swing equation by Least-Squares Method (LSM). The estimation of the power imbalance is the second contribution of this paper, enabling the study of areas that contain perturbations and attending the limitation of methods of the literature that rely on assumptions of slow mechanical power. It can be further divided in three steps: accounting the total power injected, estimating an equivalent load behavior and estimating an equivalent mechanical power. The quality of results is proved with test systems of different sizes, simulating different types of perturbations.