In permanent magnet synchronous motor (PMSM) sensorless drive systems, the motor inductance is a crucial parameter for rotor position estimation. Variations in the motor current induce changes in the inductance, leading to core magnetic saturation and degradation in the accuracy of rotor position estimation. In systems with constant load torque, the saturated inductance remains constant. This inductance error causes a consistent error in rotor position estimation and some performance degradation, but it does not result in speed estimation errors. However, in systems with periodic load torque, the error in the saturated inductance varies, consequently causing fluctuations in both the estimated position and speed errors. Periodic speed errors complicate speed control and degrade the torque compensation performance. In this paper, we propose a wavelet denoising-group method of data handling (GMDH) based method for accurate inductance estimation in PMSM sensorless control systems with periodic load torque compensation. We present a method to analyze and filter the collected three-phase current signals of the PMSM using wavelet transformation and utilize the filtered results as inputs to GMDH for training. Additionally, a method for magnetic saturation compensation using the inductance parameter estimator is proposed to minimize periodic speed fluctuations and improve control accuracy. To replicate the load conditions and parameter variations equivalent to the actual system, experiments were conducted to measure the speed ripples, inductance variations, and torque component of the current. Finally, software simulation was performed to confirm the inductance estimation results and verify the proposed method by simulating load conditions equivalent to the experimental results.