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This article presents a novel straightforward and real-time algorithm to measure power system frequency. The main idea of this approach is to improve accuracy of the estimated frequency during off-nominal frequency conditions. The proposed approach includes two stages: 1) the DFT algorithm is used to estimate voltage amplitude and phase angle by assuming that the frequency is the same as its value at the previous step, and 2) based on Taylor approximation and using the least error square algorithm, the error due to the frequency difference is calculated and thus the estimated frequency would be updated. One of the main features of the proposed approach is that it can be easily implemented on the available industrial hardware requiring low computational burden. The proposed approach is also robust against noise and harmonics and can track the deviations of the power system frequency as well. The performance of the proposed approach is evaluated through simulation studies and also verified based on implementing it on a prototype synchronizing relay. [ABSTRACT FROM AUTHOR]