In this paper, a novel method is presented to estimate the parameters of the SPICE-like multi-domain model of light-emitting diode (LED) chips developed and proposed by the Delphi4LED project. The proposed estimation algorithm employs a modified Nelder-Mead method, as the gradient methods and the original version of Nelder-Mead fail to properly handle this problem. By using the new, modified Nelder-Mead method presented in this paper the parameters are estimated faster, compared to the previously used brute-force algorithm-based parameter extraction process, allowing the same precision of the SPICE-like multi-domain LED model. The modification of the parameter extraction procedure also allows speeding up and simplifying the multi-domain LED characterization method proposed earlier by the Delphi4LED project. The speed and robustness of the new model eliminate the need for time-consuming junction temperature control during measurements by employing a novel extraction strategy that seeks the global minimum, rather than relying on the composition of marginal minima.