Power limit estimation of a lithium-ion battery pack can be employed by a battery management system (BMS) to balance a variety of operational considerations, including optimization of pulse capability while avoiding damage and minimizing aging. Consideration of cell-to-cell performance variability of lithium-ion batteries is critical to correct estimation of the battery pack power limit as well as proper sizing of the individual cells in the battery. Further, understanding of cell variability is necessary to protect the cell and other system components (e.g., fuse and contactor, from over-current damage). In this work, we present the use of an equivalent circuit model for estimation of the power limit of lithium-ion battery packs by considering the individual cell variability under current or voltage constraints. We compare the power limit estimation by using individual cell characteristics compared to the estimate found using only max/min values of cell characteristics. Finally, we consider how the estimation capability and variability will vary with the total number of the cells in the battery pack.