Two modified neural network techniques are used for the identification of the equilibrium plasma parameters of the Superconducting Steady State Tokamak I from external magnetic measurements. This is expected to ultimately assist in a real time plasma control. As different from the conventional network structure where a single network with the optimum number of processing elements calculates the outputs, a multinetwork system connected in parallel does the calculations here in one of the methods. This network is called the double neural network. The accuracy of the recovered parameters is clearly more than the conventional network. The other type of neural network used here is based on the statistical function parametrization combined with a neural network. The principal component transformation removes linear dependences from the measurements and a dimensional reduction process reduces the dimensionality of the input space. This reduced and transformed input set, rather than the entire set, is fed into the neural network input. This is known as the principal component transformation-based neural network. The accuracy of the recovered parameters in the latter type of modified network is found to be a further improvement over the accuracy of the double neural network. This result differs from that obtained in an earlier work where the double neural network showed better performance. The conventional network and the function parametrization methods have also been used for comparison. The conventional network has been used for an optimization of the set of magnetic diagnostics. The effective set of sensors, as assessed by this network, are compared with the principal component based network. Fault tolerance of the neural networks has been tested. The double neural network showed the maximum resistance to faults in the diagnostics, while the principal component based network performed poorly. Finally the processing times of the methods have been compared. The double network and the principal component network involve the minimum computation time, although the conventional network also performs well enough to be used in real time.