Presently, Engineering institutions are operating in a global marketplace, wherein; the corporate work culture and human resource requirement are frequently changing. Engineering education drives innovations & technological progress, which contributes to economic development of the nation. Therefore, the quality of engineering education is becoming more important, where the output of the system have direct impact on the quality of their employer organizations. High quality education system can produce high quality human capital. Most of the educational institutions specifically in USA & UK are using TQM philosophy for quality assurance and thereby ensuring satisfaction of stakeholders. However, a globally acceptable standard model of TQM is not seen. Therefore, an attempt has been made in this paper to analyze Indian engineering education system by using system approach through identification of its stakeholders, input, output, processes, resources and management. As system approach is primarily based on principle of wholeness, the model developed herewith will have great significance in Indian engineering education system.