Bi-directional static load test (BDSLT) is being used more and more due to its capability of testing high-capacity piles and lower risk as compared to other conventional load testing methods. As load–displacement curves are obtained by placing hydraulic jack assembly within the pile, an equivalent top load (ETL) curve is to be obtained to know the settlement response of pile when it would have been loaded from top. A detailed study has been carried out on several fundamental methods which have evolved with time for estimating the ETL curve, to find out the limitations of these methods and suggest improvements. For some methods even if the strain gauge data are available it has not been utilized to improve those methods. Parameters used in some of the methods to obtain ETL curves are not considering the actual conditions during the BDSLT. Finite element modelling using PLAXIS 3D is carried out for BDSLT as well as top load test (TLT) and analysis is performed to study the effect of these parameters by comparing ETL curves as well as top-down load settlement curves from TLT and conclusions are made.