The emergence of flexible AC transmission technology provides a new technical means for ensuring the reliable grid connection and stable operation of wind farms. Among them, the static reactive power generator has a fast response speed, which can accurately compensate for the reactive power of the wind farm and improve the power factor; this is widely used in wind farms. To obtain accurate static var generator (SVG) parameters to meet the reliability requirements of a power system, we propose an adaptive estimation method that considers the wind speed fluctuation of wind farms. First, analyzing the dynamic SVG characteristics allowed us to establish a mathematical model. Then, the corresponding relationship between the sensitivity values of the parameters to be identified and the fluctuating wind speed was established, and low and high wind speed models were constructed. Finally, for accurate estimation considering wind speed fluctuation, the parameter initial values are obtained by combining the low wind speed and high wind speed model identification parameters, and we introduce the multimode hybrid estimation of the SVG parameters, providing a new method for accurately identifying the SVG model parameters. The simulation results of the parameter estimation demonstrate the accuracy and stability of the proposed method.