Accurate load modeling is critical for credible power system stability analysis. Because of the increasing complexity in modern system load, establishing a more comprehensive load model and performing accurate parameter estimation are the two biggest challenges in composite load modeling. In this paper, an induction motor with variable frequency drive (IM-VFD) together with the traditional ZIP+IM model is utilized to describe the dynamic characteristics of the system load. We estimate the time-varying probabilistic distributions of all states and parameters to describe their stochastic characteristics, thereby representing the real-time varying features of an actual load. The Fokker-Planck operator is applied to linearize the updated load model in tensor format. We then use tensor decomposition to reduce the computational and storage costs for calculating load model parameters. A sensitivity indicator is used to analyze the sensitivities of the estimated parameter distributions for subsequent model reduction. Simulations demonstrate that the updated load model has better performance than the traditional ZIP+IM model.