Identification of a spinning projectile controlled with gasodynamic engines is shown in this paper. A missile model with a measurement inertial unit was developed from Newton’s law of motion and its aerodynamic coefficients were identified. This was achieved by applying the maximum likelihood principle in the wavelet domain. To assess the results, this was also performed in the time domain. The outcomes were obtained for two cases: when noise was not present and when it was included in the data. In all cases, the identification was performed in the passive mode, i.e., no special system identification experiments were designed. In the noise-free case, aerodynamic coefficients were estimated with high accuracy. When noise was included in the data, the wavelet-based estimates had a drop in their accuracy, but were still very accurate, whereas for the time domain approach the estimates were considered inaccurate.