This paper describes a phase-locked-loop (PLL)-based power systems harmonic estimation algorithm, which uses an analysis filter bank and multirate processing. The filter bank is composed of bandpass filters. The initial center frequency of each filter is purposely chosen to be equal to harmonic frequencies. However, an adaptation strategy makes it possible to track time-varying frequencies as well as interharmonic components. A downsampler device follows the filtering stage, reducing the computational burden, especially because undersampling operations are performed. Finally, the last stage is composed of a PLL estimator which provides estimates for amplitude, phase, and frequency of the input signal. The proposed method improves the accuracy, computational effort, and convergence time of the previous harmonic estimator based on cascade PLL configuration.