Abstract-In this paper, a hybrid measurement and modelbased method is proposed which can estimate the dynamic state Jacobian matrix in near real-time. The proposed method is computationally efficient and robust to the variation of network topology. Since the estimated Jacobian matrix carries significant information on system dynamics and states, it can be utilized in various applications. In particular, two application of the estimated Jacobian matrix in online oscillation analysis, stability monitoring and control are illustrated with numerical examples. In addition, a side-product of the proposed method can facilitate model validation by approximating the damping of generators.Index Terms-dynamic state Jacobian matrix, phasor measurement units, online oscillation analysis, online stability monitoring, parameter estimation.