Due to the growing demand, assessing performance has become obligatory for photovoltaic (PV) energy harvesting systems. Performance assessment involves estimating different PV system parameters. Traditional ways, such as calculating solar radiation using satellite data and the IV characteristics approach as assessment methods, are no longer reliable enough to provide a reasonable projection of PV system parameters. Estimating system parameters using machine learning (ML) approaches has become a reliable and popular method because of its speed and accuracy. This paper systematically reviewed ML-based PV parameter estimation studies published in the last three years (2020 – 2022). Studies were analyzed using several criteria, including ML algorithm, outcome, experimental setup, sample data size, and error metric. The analysis revealed several interesting factors. The neural network was the most popular ML method (32.55%), followed by random vector functional link (13.95%) and support vector machine (9.30%). Dataset was sourced from hardware tests and computer-based simulations: 66% of the studies used data from only computer simulation, 18% used data from only hardware setup, and the 16% experiments used data from both hardware and simulations to evaluate different system parameters. The top three most commonly used error metrics were root mean square error (29.1%), mean absolute error (17.5%), and coefficient of determination (15.9%). Our systematic review will help researchers assess ML algorithms' projection in PV system parameters estimation. Consequently, scopes shall be created to establish more robust governmental frameworks, expand private financing in the PV industry, and optimize PV system parameters.