This paper presents an analytical time-domain-based parameter identification method for Thevenin-equivalent circuit-based lithium-ion battery models. The method is based on the analysis of voltage-relaxation characteristics of pulse discharge and pulse charge experiments, and the method can be used for both discharge and charge operation with any number of parallel resistor-capacitor branches. The use of the method is demonstrated for a second-order model and validated with a real-world duty cycle. Experimental results for a commercial lithium-ion battery module are presented.