This letter studies the tracking error in Multi-input Multi-output Feedback Error Learning (MIMO-FEL) system having insufficient excitation. It is shown that the error converges to zero exponentially even if the reference signal lacks the persistently excitation (PE) condition. Furthermore, by making full use of this fast convergence, we estimate the plant parameter while in operation based on frequency response. Simulation results show the effectiveness of the proposed method compared to a conventional approach.