In this paper, an identification approach is introduced for the parametric calibration of electroacoustic transducers. The method is based on the conventional substitution technique for hydrophone calibration and a parametric estimation technique for a linear system. The calibration is carried out in three main steps: (1) measurement of the combined transfer function of an electroacoustic transmitter–hydrophone system; (2) parametric estimation of the measured transfer functions with time delay, and calculation of the zero(s)/pole(s) of the system; (3) common polynomial extraction and reconstruction of the transducer’s characteristics. The calibration approach is illustrated with simulations as well as experiments. This new approach will allow the simultaneous calibration of transmitter and one or more hydrophones, and can be used to calibrate the relative amplitude characteristics as well as the phase characteristics of transducers.