In this paper, a consensus framework for cooperative parameter estimation within the vehicular network is presented. It is assumed that each vehicle is equipped with a dedicated short range communication (DSRC) device and connected to other vehicles. The improvement achieved by the consensus for parameter estimation in presence of sensor’s noise is studied, and the effects of network nodes and edges on the consensus performance is discussed. Finally, the simulation results of the introduced cooperative estimation algorithm for estimation of the unknown parameter of road condition is presented. It is shown that due to the faster dynamic of network communication, single agents’ estimation converges to the least square approximation of the unknown parameter properly.