The goal of this study is to evaluate the performance of the fast algorithm for synchrophasor estimation proposed on the basis of a physical system. The test system is represented by a physical model of a power system with four synchronous generators (15 and 5 kVA). Three synchronous machines represent steam turbine generators, while the fourth machine represents a hydro generator. The proposed method of accuracy assessment is based on comparison of the original and the recovered signals, using values of amplitude and phase angle. The experiments conducted in the study include three-phase faults, two-phase faults and single-phase faults at various buses of the test model. Functional dependencies of initial signal standard deviation from the recovered signal are obtained, as well as those for sampling rate and window width. Based on the results, the following requirements for measurement system and window width are formulated: sampling rate of analog-to-digital converter should be 10 kHz; and window width should start from 5 ms. In addition, the fast algorithm of synchrophasor estimation was tested on event recorder signals. The sampling rate of these signals was 2 kHz. Acceptable window width for event recorder signals is 8 ms. The algorithm was implemented using programming language Python 3 for the testing purposes. The proposed fast algorithm of synchrophasor estimation can be applied in methods for emergency control and equipment state monitoring with short time response.