<p>Load modeling is an important task in power system stability analysis and control. Taking this into account, the development of dynamic load models using a measurement-based load modeling strategy and an improved particle swarm optimization algorithm is presented in this paper. To accomplish this objective, a measurement-based parameter estimation method is used for identification of an exponential recovery load model. Measurements are obtained performing dynamic simulation of an IEEE 30-bus test system under several disturbances, and additionally, cross validation technique is applied for an analysis of load model generalization capability. An adequate load modeling improves the comprehension of load behavior and the capability of reproduce transient events on power systems.</p>