Despite the double tube heat exchangers, in the triple tube heat exchangers, there are three fluids, and the methodology based on the assessment of the logarithmic mean temperature difference is no longer applicable. Moreover, in triple tube heat exchangers, there are two overall heat transfer coefficients dependent on each other. As such, it is necessary to solve them simultaneously, thus making the evaluation of the thermal performance of triple tube heat exchangers more complex compared to double tube heat exchangers. Among the proposed approaches in the literature to solve this issue, one of the most powerful and commonly adopted in several engineering applications is the parameter estimation procedure. Nevertheless, for the specific implementation examined in our analysis, a thorough numerical model of the triple tube heat exchanger was required to apply the inverse procedure properly. Furthermore, it is mandatory to measure the temperature of the three fluids at the inlet and outlet sections. In so doing, the inverse procedure can be successfully applied to the characterisation of triple tube heat exchangers tested in well-equipped research labs; however, its application to heat transfer devices operating in industrial facilities can be difficult. In order to overcome this limitation, an innovative parameter estimation technique that enables the evaluation of the thermal performance of this type of heat transfer devices is presented. The suggested methodology is based on a simple model of the triple tube heat exchanger in which an equivalent double tube heat exchanger is considered, thus requiring only four temperature measurements. The results obtained by applying this simplified methodology are numerically validated and compared to those obtained using a comprehensive model.