This paper presents a fast estimation method for feedback level factor C of a self-mixing interferometry (SMI) system. The reconstruction of a displacement waveform using a SMI signal needs to know a C value. However, it is difficult to maintain a constant C value during the reconstruction process. We study the features of the reconstructed displacement waveforms incorporating different pre-set C values and classify waveforms into two types. Bisection method is introduced in our method for fast estimating C value. The effectiveness of our proposed method has been verified by both simulation and experimental data.