An aerodynamic model identification technique utilized by the National Aerospace Laboratory (NAL) was applied to dynamic wind tunnel tests using a cable mounted model to extract aerodynamic parameters of the NAL Spaceplane. The estimated static parameters were evaluated by comparisons with static wind tunnel test results, whereas those for the dynamic parameters with theoretically estimated values. In addition, mathematical flight simulations using both static and dynamic parameters were conducted for the total evaluation. The simulated results were subsequently compared with the wind tunnel test data, and satisfactory correlation was achieved; thereby demonstrating the effectiveness of the dynamic tests.