Parameter estimation and signal detection are the two key components of a wireless communication system. They directly impact the bit-error-ratio (BER) performance of the system. Several criteria have been successfully applied for parameter estimation and signal detection. They include maximum likelihood (ML), maximum a-posteriori probability (MAP), least square (LS) and minimum mean square error (MMSE) etc. In the linear detection framework, linear MMSE (LMMSE) and LS are the most popular ones. Nevertheless, these criteria do not necessarily minimize the BER, which is one of the key aspect of any communication receiver design. Thus, minimization of BER is tantamount to an important design criterion for a wireless receiver, the minimum bit/symbol error ratio (MBER/MSER). We term this design criterion as the minimum-error-probability (MEP). In this thesis, parameter estimation and signal detection have been extensively studied based on the MEP framework for various unexplored scenar-ios of a wireless communication system. Thus, this thesis has two broad categories of explorations, first parameter estimation and then signal detection. Traditionally, the MEP criterion has been well studied in the context of the discrete signal detection in the last one decade, albeit we explore this framework for the continuous parameter es-timation. We first use this framework for channel estimation in a frequency flat fading single-input single-output (SISO) system and then extend this framework to the carrier frequency offset (CFO) estimation of multi-user MIMO OFDM system. We observe a reasonably good SNR improvement to the tune of 1 to 2.5 dB at a fixed BER (tentatively at 10−3). In this context, it is extended to the scenario of multiple-input multiple-output (MIMO) orthogonal frequency division multiplexing (OFDM) or MIMO-OFDM with pa-rameter estimation error statistics obtained from LMMSE only and checked its effect at the equalizer design using MEP and LMMSE criteria. In the second exploration of the MEP criterion, it is explored for signal detection in the context of MIMO-relay and MIMO systems. Various low complexity solutions are proposed to alleviate the effect of high computational complexity for the MIMO-relay. We also consider various configurations of relay like cognitive, parallel and multi-hop relaying. We also propose a data trans-mission scheme with a rate of 1/Ns (Ns is the number of antennas at the transmitter) with the help of the MEP criterion to design various components. In all these cases, we obtain considerable BER improvement compared to the existing solutions.