To create a dynamic model of a pipeline system effectively and analyze its vibration characteristics, the mechanical characteristic parameters of the pipeline hoop, such as support stiffness and damping under dynamic load, must be obtained. In this study, an inverse method was developed by utilizing measured vibration data to identify the support stiffness and damping of a hoop. The procedure of identifying such parameters was described based on the measured natural frequencies and amplitudes of the frequency response functions (FRFs) of a pipeline system supported by two hoops. A dynamic model of the pipe-hoop system was built with the finite element method, and the formulas for solving the FRF of the pipeline system were provided. On the premise of selecting initial values reasonably, an inverse identification algorithm based on sensitivity analysis was proposed. A case study was performed, and the mechanical parameters of the hoop were identified using the proposed method. After introducing the identified values into the analysis model, the reliability of the identification results was validated by comparing the predicted and measured FRFs of the pipeline. Then, the developed method was used to identify the support stiffness and damping of the pipeline hoop under different preloads of the bolts. The influence of preload was also discussed. Results indicated that the support stiffness and damping of the hoop exhibited frequency-dependent characteristics. When the preloads of the bolts increased, the support stiffness increased, whereas the support damping decreased.