This paper presents a new, computationally modest on-line identification method for the simultaneous estimation of the rotor resistance and magnetizing inductance of an induction machine suitable for electric drives that use an indirect field-oriented control strategy (IFOC), and their control hardware is equipped with a resource-constrained microcontroller. Such drives can be found both in the manufacturing industry and railway traction vehicles in the thousands, having either older control hardware that cannot cope with computationally excessive identification methods or being in cost-sensitive applications, thus being equipped with a low-cost microcontroller. IFOC is a very common control strategy for such drives due to its good dynamic properties and comparatively simple implementation. However, it is sensitive to inaccuracies of rotor resistance and magnetizing inductance. These two parameters change during the operation of the drive, being influenced by the temperature, frequency, and saturation of the magnetic circuit. Improper values of parameters in the controller can degrade the performance of IFOC, resulting in slower acceleration or unnecessary oversaturation of the machine. Respecting these changes can therefore bring significant benefits such as the good dynamic properties of the drive, which can shorten operations in the manufacturing industry or travel times of vehicles. A number of on-line identification methods for monitoring the parameter changes have been published so far, but the majority of them are demanding on microcontroller time or its memory. The proposed method, on the contrary, is comparatively simple and thus easy for implementation with low requirements to the microcontroller. Therefore, it is suitable for both upgrades of existing drives or new low-cost applications. Derivation of the method from the mathematical model and the final algorithm for the microcontroller are presented. The performance of the proposed method is validated with experimental results obtained with a 3.5 kW induction machine drive with an industrial microcontroller during a warming test and under various loads and frequencies.