In this paper, a self-adaptive contractive (SAC) algorithm is proposed for enhanced dynamic phasor estimation in the diverse operating conditions of modern power systems. At a high-level, the method is composed of three stages: parameter shifting, filtering and parameter unshifting. The goal of the first stage is to transform the input signal phasor so that it is approximately mapped to nominal conditions. The second stage provides estimates of the phasor, frequency, rate of change of frequency (ROCOF), damping and rate of change of damping (ROCOD) of the parameter shifted phasor by using a differentiator filter bank (DFB). The final stage recovers the original signal phasor parameters while rejecting misleading estimates. The most important features of the algorithm are that it offers convergence guarantees in a set of desired conditions, and also great harmonic rejection. Numerical examples, including the IEEE C37.118.1 standard tests with realistic noise levels, as well as fault conditions, validate the proposed algorithm.Index Terms-Adaptive systems, contractive algorithm, differentiator filter banks, dynamic phasor estimation, harmonic rejection, phasor measurement units, rate of change of damping, semi-infinite optimization, wide range of conditions.