The step length is an important parameter in gait analysis. Long-term monitoring applications for gait analysis are often based on inertial measurement units (IMUs) due to their low-cost and unobtrusive nature. Spatial gait parameters, such as step or stride length, are therefore not directly accessible. In this contribution, we focus on model-based algorithms for step length estimation based on a pendant-integrated IMU during slow walking speeds. We present a model-based approach to estimate the step length, which is divided into two successive steps. As the first part of our approach, we present an algorithm for estimation of the vertical displacement of the center of mass (CoM) during gait. Based on this estimate, we present a novel approach to estimate the step length, which we have deduced from a previously published, simplified gait model. The algorithm is compared to a commonly known approach for accelometry-based step length prediction and validated against reference data obtained from a force plate-integrated treadmill for gait analysis during a clinical study with ten healthy subjects. Due to the applicability to gait stability assessment in elderly or gait impaired patients, we focus on slow walking speeds (1-4 km h-1). The presented algorithms outperform the existing approach and the proposed model calculations provide a more accurate prediction. For the vertical displacement, we achieved a precision of 9.3% (CoV) with an RMSE of 1.5 mm in terms of the trajectory amplitude during normal gait patterns. The step length estimation yields satisfying results with a relative prediction error of lower than 10% for walking speeds of 2-4kmh-1.