Superposed ATM cell streams have burstiness and strong autocorrelation properties. This paper investigates traffic measurement-based modeling method for superposed ATM cell streams. We develop a new measurement method based on monitoring both the waiting time distribution in a monitoring queue and the autocorrelation of cell interarrival times. Through the monitoring queue, we directly observe the queueing effect of superposed cell flows on ATM multiplexers. The measured traffic is modeled as the two-state MMPP. With the measured traffic, we estimate the cell loss probability in ATM multiplexers from the MMPP/D/1/K queue. Our method successfully works with homogeneous and heterogeneous superposition of traffic sources including voice, data, and video. These results can be applied to the evaluation of ATM multiplexers, traffic engineering, and network performance monitoring.