The determination of hydrodynamic coefficients of full scale underwater vehicles using system identification (SI) is an extremely powerful technique. The procedure is based on experimental runs and on the analysis of on-board sensors and thrusters signals. The technique is cost effective and it has high repeatability; however, for open-frame underwater vehicles, it lacks accuracy due to the sensors’ noise and the poor modeling of thruster-hull and thruster-thruster interaction effects. In this work, forced oscillation tests were undertaken with a full scale open-frame underwater vehicle. These conducted tests are unique in the sense that there are not many examples in the literature taking advantage of a PMM installation for testing a prototype and; consequently, allowing the comparison between the experimental results and the ones estimated by parameter identification. The Morison’s equation inertia and drag coefficients were estimated with two parameter identification methods, that is, the weighted and the ordinary least-squares procedures. It was verified that the in-line force estimated from Morison’s equation agrees well with the measured one except in the region around the motion inversion points. On the other hand, the error analysis showed that the ordinary least-squares provided better accuracy and, therefore, was used to evaluate the ratio between inertia and drag forces for a range of Keulegan–Carpenter and Reynolds numbers. It was concluded that, although both experimental and estimation techniques proved to be powerful tools for evaluation of an open-frame underwater vehicle’s hydrodynamic coefficients, the research provided a rich amount of reference data for comparison with reduced models as well as for dynamic motion simulation of ROVs.