The paper presents a multiaspect analysis of multivalues and the broadband nature of system oscillation. By analyzing the ambient signal caused by random small disturbances during the normal operation of interconnected power grids, many system operation characteristics can be obtained. The traditional signal processing method cannot extract the information from ambient signals effectively. Aiming at the problem of broadband oscillation mode superposition and the difficulty of extracting information from ambient signals, an iterative adaptive variational mode decomposition (IA-VMD) method is proposed based on frequency domain analysis and signal energy. Additionally, the IA-VMD method, combined with a bandpass filter and the Prony algorithm, is used to realize the modal identification of broadband oscillation and ambient signals. Simulation experiments show that the IA-VMD method has good adaptability, antinoise characteristics, and a certain significant engineering application value as well.