We provide a rigorous account of the equivalence between the complex-valued widely linear estimation method and the quaternion involution widely linear estimation method with their vector-valued real linear estimation counterparts. This is achieved by an account of degrees of freedom and by providing matrix mappings between a complex variable and an isomorphic bivariate real vector, and a quaternion variable versus a quadri-variate real vector. Furthermore, we show that the parameters in the complex-valued linear estimation method, the complex-valued widely linear estimation method, the quaternion linear estimation method, the quaternion semi-widely linear estimation method, and the quaternion involution widely linear estimation method include distinct geometric structures imposed on complex numbers and quaternions, respectively, whereas the real-valued linear estimation methods do not exhibit any structure. This key difference explains, both in theoretical and practical terms, the advantage of estimation in division algebras (complex, quaternion) over their multivariate real vector counterparts. In addition, we discuss the computational complexities of the estimators of the hypercomplex widely linear estimation methods.