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We propose a nonlinear active observer based generalized synchronization scheme for multiparameter estimation in time-delayed systems with periodic time delay. A sufficient condition for parameter estimation is derived using Krasovskii-Lyapunov theory. The suggested tool proves to be globally and asymptotically stable by means of Krasovskii-Lyapunov method. With this effective method, parameter identification and generalized synchronization of modulated time-delayed systems with all the system parameters unknown, can be achieved simultaneously. We restrict our study for multiple parameter estimation in modulated time-delayed systems with single state variable only. Theoretical proof and numerical simulation demonstrate the effectiveness and feasibility of the proposed technique. The block diagram of electronic circuit for multiple time delay system shows that the method is easily applicable in practical communication problems.