Although adaptive control has been studied for teleoperation systems in the past decades, the convergence of parameter estimation is generally difficult to claim in the existing methods, and thus only specific scenarios (e.g., free motion) and partial operation performance (e.g., synchronization) have been addressed. In this paper, we found that the convergence of parameter estimation is crucial for bilateral teleoperation systems to retain the guaranteed operation performances, including compliance in the tracking motion and transparency in the contact motion. Accordingly, this paper suggests an alternative adaptive control for bilateral teleoperation systems, where a new adaptive law with the estimation errors as leakage terms is developed to obtain finite-time convergence of the parameter estimation. This convergent property allows to compensate for the undesired dynamics (e.g., gravity) in the closed-loop system so as to achieve ideal compliance and transparency. The control system’s stability and performances under constant time delays are analyzed for three scenarios: free motion, tracking motion, and contact motion. The quantitative relationship between the joint velocities and the human torques in the tracking motion is also studied, and the transparency is addressed in the contact motion. Simulations and experiments on a Baxter robot all showcase the effectiveness and superiority of the developed approach.