The phenotypic plasticity of cancer cells has received special attention in recent years. Even though related models have been widely studied in terms of mathematical properties, a thorough statistical analysis on parameter estimation and model selection is still very lacking. In this study, we present a Bayesian approach on the relative frequencies of cancer stem cells (CSCs). Both Gibbs sampling and Metropolis-Hastings (MH) algorithm are used to perform point and interval estimations of cell-state transition rates between CSCs and non-CSCs. Extensive simulations demonstrate the validity of our model and algorithm. By applying this method to a published data on SW620 colon cancer cell line, the model selection favors the phenotypic plasticity model, relative to conventional hierarchical model of cancer cells. Moreover, it is found that the initial state of CSCs after cell sorting significantly influences the occurrence of phenotypic plasticity.