Power quality monitoring is one of the most important aspects of designing of compensators and other FACTS devices used in the power system. This paper aims at finding the power quality indices from the voltage and current samples of a harmonic polluted grid, by using a newly proposed sample manipulating technique. Here, all the harmonic components of voltage, current, active and reactive powers are estimated along with the total harmonic distortion (THD) of the grid voltage and current waveforms. All the estimations are done using the sample values of the grid voltage and current signals along with only one standard sinusoidal signal of the fundamental frequency where conventional methods require standard signals of all the harmonic frequencies. Hence, the requisite memory space for the proposed scheme is reduced. In addition to that, the rms values of the sequence components in an unbalanced grid is estimated using the sample shifting technique. The proposed techniques are been verified with MATLAB simulation results and a comparative analysis is presented. The proposed method is also verified upon the real-time data extracted from a digital storage oscilloscope (DSO).