Resonance parameters (pole masses and residues) associated with the excited states of hyperons, Λ* and Σ*, are extracted within a dynamical coupled-channels model developed recently by us [Phys. Rev. C 90, 065204 (2014)]PRVCAN0556-281310.1103/PhysRevC.90.065204 through a comprehensive partial-wave analysis of the K−p→K¯N,πΣ,πΛ,ηΛ,KΞ data up to invariant mass W=2.1 GeV. We confirm the existence of resonances corresponding to most, if not all, of the four-star resonances rated by the Particle Data Group. We also find several new resonances, and in particular propose a possible existence of a new narrow JP=3/2+Λ resonance that couples strongly to the ηΛ channel. The JP=1/2−Λ resonances located below the K¯N threshold are also discussed. Comparing our extracted pole masses with the ones from a recent analysis by the Kent State University group, some significant differences in the extracted resonance parameters are found, suggesting the need of more extensive and accurate data of K−p reactions including polarization observables to eliminate such an analysis dependence of the resonance parameters. In addition, the determined large branching ratios of the decays of high-mass resonances to the πΣ* and K¯*N channels also suggest the importance of the data of 2→3 reactions such as K−p→ππΛ and K−p→πK¯N. Experiments on measuring cross sections and polarization observables of these fundamental reactions are highly desirable at hadron beam facilities such as J-PARC for establishing the Λ* and Σ* spectrum.