Evaluation method of reliability parameter estimation needs to be improved effectively with the advance of science and technology. This paper develops a new method of parameter estimation, which is named E-Bayesian estimation method. In the case one hyper-parameter, the definition of E-Bayesian estimation of the failure probability is provided, moreover, the formulas of E-Bayesian estimation and hierarchical Bayesian estimation, and the property of E-Bayesian estimation of the failure probability are also provided. Finally, calculation on practical problems shows that the provided method is feasible and easy to perform.