Rotating systems components such as rotors, have dynamic characteristics that are of great importance to understand because they may cause failure of turbomachinery. Therefore, it is required to study a dynamic model to predict some vibration characteristics, in this case, the natural frequencies and mode shapes (both of free vibration) of a centrifugal compressor shaft. The peculiarity of the dynamic model proposed is that using frequency and displacements values obtained experimentally, it is possible to calculate the mass and stiffness distribution of the shaft, and then use these values to estimate the theoretical modal parameters. The natural frequencies and mode shapes of the shaft were obtained with experimental modal analysis by using the impact test. The results predicted by the model are in good agreement with the experimental test. The model is also flexible with other geometries and has a great time and computing performance, which can be evaluated with respect to other commercial software in the future.