The Muskingum method is based on a linear relationship between a channel’s storage and inflow and outflow discharges. The applicability of using travel-time discharge relationships to model the variability of the K parameter in a Muskingum routing model was tested. The new parameter estimation method is based on the relationships between the traveltime parameter (K) and the input discharge for the reach of the Danube River between Devín-Bratislava and Medveďov, which includes the Gabčíkovo hydropower scheme. The variable parametrisation method was compared with the classical approach. The parameter X was taken as the average of its values from a small set of flood waves, K was estimated as a function of the travel-time parameter and discharge, which was optimized for one flood wave. The results were validated using the Nash-Sutcliffe coefficient on 5 floods. The results obtained by these methods were satisfactory and, with their use, one could reduce the amount of data required for calibration in practical applications.