Operating in harsh and unsteady marine environment, offshore wind turbine (OWT) structures are exposed to unpredictable wind and wave loads. Identifying the structural loads and their effects on the OWTs allow for predicting the remaining fatigue life of these structures and improving the structural design procedure. In this paper, a finite element (FE) model inversion method is presented to estimate the unknown loads and model parameters of OWTs using sparse measurement data. A realistic FE model of an OWT structure with jacket substructure is created in the open-source simulation platform, OpenSees. A Bayesian inference framework is presented to integrate the measured data with the FE model to estimate unknown wind loads and mass of rotor-nacelle assembly. To evaluate the performance of this data assimilation framework, the effect of sensor type, number of sensors, and modeling errors on the estimation accuracy of wind loads and model parameters are investigated through different case studies where synthetic data are used as measurements. The results of this study are important to guide instrumentation of new OWT structures, and to understand the potential limitations and sources of error in the real-world application of this data assimilation framework for joint model parameter and input load estimation.