The scope of this research is a problem of parameters identification of a linear time-invariant plant, which (1) input signal is not frequency-rich, (2) is subjected to initial conditions and external disturbances. The memory regressor extension (MRE) scheme, in which a specially derived differential equation is used as a filter, is applied to solve the above-stated problem. Such a filter allows us to obtain a bounded regressor value, for which a condition of the initial excitation (IE) is met. Using the MRE scheme, the recursive least-squares method with the forgetting factor is used to derive an adaptation law. The following properties have been proved for the proposed approach. If the IE condition is met, then: (1) the parameter error of identification is bounded and converges to zero exponentially (if there are no external disturbances) or to a set (in the case of them) with an adjustable rate, (2) the parameters adaptation rate is a finite value. The above-mentioned properties are mathematically proved and demonstrated via simulation experiments.