Growing model complexities in load modeling have created high dimensionality in parameter estimations, and thereby substantially increasing associated computational costs. In this paper, a tensor-based method is proposed for identifying composite load modeling (CLM) parameters and for conducting a global sensitivity analysis. Tensor format and Fokker-Planck equations are used to estimate the power output response of CLM in the context of simultaneously varying parameters under their full parameter distribution ranges. The proposed tensor structure is shown as effective for tackling high-dimensional parameter estimation and for improving computational performances in load modeling through global sensitivity analysis.