Ultracapacitors (UCs) are the focus of increasing attention in electric vehicle and renewable energy system applications due to their excellent performance in terms of power density, efficiency, and lifespan. Modeling and parameterization of UCs play an important role in model-based regulation and management for a reliable and safe operation. In this paper, an equivalent circuit model template composed of a bulk capacitor, a second-order capacitance-resistance network, and a series resistance, is employed to represent the dynamics of UCs. The extended Kalman Filter is then used to recursively estimate the model parameters in the Dynamic Stress Test (DST) on a specially established test rig. The DST loading profile is able to emulate the practical power sinking and sourcing of UCs in electric vehicles. In order to examine the accuracy of the identified model, a Hybrid Pulse Power Characterization test is carried out. The validation result demonstrates that the recursively calibrated model can precisely delineate the dynamic voltage behavior of UCs under the discrepant loading condition, and the online identification approach is thus capable of extracting the model parameters in a credible and robust manner.