In order to meet the challenge of increasing data-rate demand as well as the form factor limitation of the base station (BS), 3-D massive multiple-input multiple-output (MIMO) technology has been introduced as one of the enabling technologies for fifth generation mobile cellular systems. In 3-D massive MIMO systems, a BS will rely on the uplink sounding signals from mobile stations to figure out the spatial information for downlink MIMO operations. Accordingly, multi-dimensional parameter estimation of a MIMO channel becomes crucial for such systems to realize the predicted capacity gains. In this paper, we study the angle and delay estimation for 3-D massive MIMO systems under a parametric channel modeling. To be specific, we first introduce separate low complexity time delay and angle estimation algorithms based on unitary transformation, and analytically characterize the mean squared errors (MSEs) of these estimations for massive MIMO systems. Then, a matrix-based estimation of signal parameters via rotational invariance technique algorithm is applied to jointly estimate the delay and the angles where the MSEs are also analytically characterized. Our results show that the antenna array configuration at the BS plays a critical role in determining the underlying channel estimation performance. Simulation results suggest that the characterized MSEs match well with the simulated ones.