In this paper, modeling of the pavement as a wave propagation medium and estimation of the corresponding model parameters is approached from a system identification perspective. A model based on the physical background is proposed and the corresponding parameters are then estimated from measurement data. In order to achieve the latter, two estimators are proposed, their performance evaluated, and then applied to the measurement data. It is found that the proposed methods are applicable and the results show that different eigenmodes of the structure are excited.