Data-driven modeling for dynamic systems has gained widespread attention in recent years. Its inverse formulation, parameter estimation, aims to infer the inherent model parameters from observations. However, parameter degeneracy, where different combinations of parameters yield the same observable output, poses a critical barrier to accurately and uniquely identifying model parameters. In the context of WECC composite load model (CLM) in power systems, utility practitioners have observed that CLM parameters carefully selected for one fault event may not perform satisfactorily in another fault. Here, we innovate a joint conditional diffusion model-based inverse problem solver (JCDI), that incorporates a joint conditioning architecture with simultaneous inputs of multi-event observations to improve parameter generalizability. Simulation studies on the WECC CLM show that the proposed JCDI effectively reduces uncertainties of degenerate parameters, thus the parameter estimation error is decreased by 42.1% compared to a single-event learning scheme. This enables the model to achieve high accuracy in predicting power trajectories under different fault events, including electronic load tripping and motor stalling, outperforming standard deep reinforcement learning and supervised learning approaches. We anticipate this work will contribute to mitigating parameter degeneracy in system dynamics, providing a general parameter estimation framework across various scientific domains.
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