In this paper, our prime objective is to apply the techniques of parameter estimation theory and the concept of Quantum Metrology in the form of Fisher Information to investigate the role of certain physical quantities in the open quantum dynamics of a two entangled qubit system under the Markovian approximation. There exist various physical parameters which characterize such system, but can not be treated as any quantum mechanical observable. It becomes imperative to do a detailed parameter

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... imation analysis to determine the physically consistent parameter space of such quantities. We apply both Classical Fisher Information (CFI) and Quantum Fisher Information (QFI) to correctly estimate these parameters, which play significant role to describe the out-of-equilibrium and the long range quantum entanglement phenomena of open quantum system. Quantum Metrology, compared to classical parameter estimation theory, plays a two-fold superior role, improving the precision and accuracy of parameter estimation. Additionally, in this paper we present a new avenue in terms of Quantum Metrology, which beats the classical parameter estimation. We also present an interesting result of revival of out-of-equilibrium feature at the late time scales, arising due to the long range quantum entanglement at early time scale and provide a physical interpretation for the same in terms of Bell's Inequality Violation in early time scale giving rise to non-locality.