The paper discusses the problem of estimating the speed, the flux magnitude and the rotor flux angle of the induction motor (IM) and presents an estimation method based on two Sliding Mode Observers (SMOs) and the Model Reference Adaptive System (MRAS) technique. The method is based on implementation of two SMOs that both yield the magnitude of the rotor flux; one observer is the reference model, the other is the adjustable model. The MRAS method is used to adapt the speed signal which is an input into both SMOs. The reference model is designed using the equations of the IM in the rotating reference frame. It is shown that its estimated flux magnitude is insensitive to the input speed. The adjustable model uses the IM equations in the stationary reference frame. Its output fluxes have magnitudes inverse proportional with the input speed; however, their phases are always accurate (this allows estimation of the flux angle). Using MRAS, the speed is corrected such that the flux magnitudes coming out of the two models match. Based on the structure developed, the paper also a speed estimation method. The simulations validate the theoretical development.