In this paper, we describe an algorithm to estimate the parameters of Iterated Function System (IFS) fractal models. We use IFS to model Speech and Electroencephalographics signals and compare the results. The IFS parameters estimation is performed by means of a genetic optimization approach. We show that the estimation algorithm has a very good convergence to the global minimum. However, the setup of the genetic algorithm should be properly tuned. In this paper, besides the optimal setup description, we describe also the best tradeoff between performance and computational complexity. To simplify the optimization problem some constraints are introduced. A comparison with suboptimal algorithms is reported. The performance of IFS modeling of the considered signals are in accordance with known measures of the fractal dimension.