Parameter estimation in ordinary differential equations (ODEs) has manifold applications not only in physics but also in the life sciences. When estimating the ODE parameters from experimentally observed data, the modeler is frequently concerned with the question of parameter identifiability. The source of parameter nonidentifiability is tightly related to Lie group symmetries. In the present work, we establish a direct search algorithm for the determination of admitted Lie group symmetries. We clarify the relationship between admitted symmetries and parameter nonidentifiability. The proposed algorithm is applied to illustrative toy models as well as a data-based ODE model of the NFκB signaling pathway. We find that besides translations and scaling transformations also higher-order transformations play a role. Enabled by the knowledge about the explicit underlying symmetry transformations, we show how models with nonidentifiable parameters can still be employed to make reliable predictions.