Nanoindentation is a widely accepted test method for materials characterization. On account of the complexity of contact deformation behavior, design of parametric constitutive models and determination of the unknown parameters is challenging. To address the need for identification of mechanical properties of viscoelastic/plastic materials from nanoindentation data, a combined numerical finite element/optimization-based indentation modeling tool was developed, fully self-contained, and capable of running on a PC as a stand-alone executable program. The approach uses inverse engineering and formulates the material characterization task as an optimization problem. The model development consists of finite element formulation, viscoelastic/plastic material models, heuristic estimation to obtain initial solution boundaries, and a gradient-based optimization algorithm for fast convergence to extract mechanical properties from the test data. A four-parameter viscoelastic/plastic model is presented, then a simplified three-parameter model with more rapid convergence. The end result is a versatile tool for indentation simulation and mechanical property analysis.