Sequential Monte Carlo particle filters (PFs) are useful for estimating nonlinear non-Gaussian dynamic system parameters. As these algorithms are recursive, their real-time implementation can be computationally complex. In this paper, we analyze the bottlenecks in existing parallel PF algorithms, and we propose a new approach that integrates parallel PFs with independent Metropolis-Hastings (PPF-IMH) algorithms to improve root mean-squared estimation error performance. We implement the new PPF-IMH algorithm on a Xilinx Virtex-5 field programmable gate array (FPGA) platform. For a one-dimensional problem and using 1,000 particles, the PPF-IMH architecture with four processing elements utilizes less than 5% Virtex-5 FPGA resources and takes 5.85 μs for one iteration. The algorithm performance is also demonstrated when designing the waveform for an agile sensing application.