In the field of solar photovoltaic (PV) systems, the accurate and reliable extraction of parameters from PV models is crucial for effective simulation, evaluation, and control. Although various optimization algorithms have been widely used for parameter extraction in solar PV systems, the accuracy and reliability of the parameters extracted by these methods usually fall short of the expected standards. To address these shortcomings, a novel hybrid algorithm that combines the improved marine predators algorithm (MPA) with the equilibrium optimizer (EO), named IMPAEO, is proposed. In the IMPAEO, an elite opposition-based learning strategy is introduced to expand the exploration range of the algorithm to enhance population diversity; an adaptive weight coefficient is employed to improve the updating rule of the MPA, facilitating a balance between global exploration and local exploitation; the EO operator is integrated to enhance the performance of the MPA in the local exploitation phase to improve the solution quality and convergence speed; and the linear population size reduction (LPSR) technique is introduced to dynamically reduce the population size and improve the search performance. The effectiveness of the proposed IMPAEO is validated using the CEC2017 benchmark test suite, which is also applied to extract parameters of the single diode model, the double diode model, and three different PV modules. Comparative analysis with other algorithms demonstrates that the IMPAEO exhibits significant advantages in terms of solution quality, convergence speed, and algorithm stability. Consequently, the proposed IMPAEO not only proves to be efficient and reliable in parameter extraction for solar PV models but also offers a promising alternative in this field.