For sustained low frequency oscillations in steady-state power systems, an algorithm is proposed for precise online identification of oscillation frequency, oscillation amplitude, and fundamental amplitude. The algorithm consists of a robust low frequency estimator and a notch filter in parallel. The asymptotical convergence property is analyzed by slow integral manifold, averaging method, and Lyapunov stability theorem sequentially. The steady-state antinoise property is investigated by perturbed system theorem. The robust advantages of the proposed algorithm are embodied in the following aspects: the fundamental amplitude identification is little influenced by oscillation frequency and oscillation amplitude, both oscillation frequency identification and oscillation amplitude identification have small steady-state errors under high order harmonics or bounded noises, the ramp variations of both fundamental amplitude and oscillation amplitude are also significantly tracked, and three design parameters have different effects on identification performance of oscillation frequency, oscillation amplitude, and fundamental amplitude, respectively. Simulation results verify the validity.