To achieve accurate prediction of the nonlinear behavior of lithium‐ion battery, parameters of the lithium‐ion battery model play a key role for dynamic performance, hence the parameters of the investigated battery model have been estimated. In this work, the electrical equivalent circuit (ECM) models have been used to simulate INR18650‐20R lithium‐ion battery response at 0°C, 25°C, and 45°C, respectively. The ECM model parameters are estimated using incremental open‐circuit voltage (OCV) profile and Trust‐Region Reflective algorithm by the Non‐Linear Least Squares method. The estimated parameters of the ECM model experimentally validated using independent dynamic current profiles including Dynamic Stress Test (DST), Federal urban driving schedule (FUDS), Beijing Dynamic Stress test (BJDST), and US06 at 0°C, 25°C, and 45°C, respectively. Coulomb‐counting based algorithms are implemented for model‐based online SoC estimation. The investigated ECM model with three parallel RC branches exhibits accuracy below 1.8% for different temperature levels and seems suitable to capture the nonlinear dynamics of lithium‐ion batteries for EV application. It is confirmed that the errors resulting from the investigated ECM model are significantly reduced comparatively existing published models.