This paper presents the development and validation of a new oscillatory component load (OCL) model for a measurement-based real-time estimation of dynamic load model parameters. The proposed OCL model has been derived from a second-order differential equation that considers three necessary components, namely static, exponential recovery, and damped oscillatory components. The performance evaluation of the proposed OCL model has been demonstrated through DIgSILENT PowerFactory-based dynamic power system simulations, real-time substation data captured from phasor measurement units located at the primary substations of Leadenham, Holwell, and Regent Street cities, and real-time transient voltage events data provided by the EirGrid. Further, the effectiveness of the proposed OCL model has been assessed by comparing its performance with that of the existing exponential recovery load model. A new flexible and efficient SynchroHub platform, developed at the University of Manchester for real-time data acquisition, processing and visualization, has been used for the real-time estimation of dynamic load model parameters. The validation results revealed the efficacy of the proposed OCL model in tracking both the first as well as the subsequent oscillations of dynamic load model response of the power system for both the steady state as well as transient operating conditions accurately.