The dynamic characteristics of sandwich panels with a hierarchical hexagonal honeycomb (SP-HHHs) show significant improvements due to their distinct hierarchy configurations. However, this also increases the complexity of structural analysis. To address this issue, the variational asymptotic method was utilized to homogenize the unit cell of the SP-HHH and obtain the equivalent stiffness, establishing a two-dimensional equivalent plate model (2D-EPM). The accuracy and effectiveness of the 2D-EPM were then verified through comparisons with the results from a detailed 3D FE model in terms of the free vibration and frequency- and time-domain forced vibration, as well as through local field recovery analysis at peak and trough times. Furthermore, the tailorability of the typical unit cell was utilized to perform a parametric analysis of the effects of the length and thickness ratios of the first-order hierarchy on the dynamic characteristics of the SP-HHH under periodic loading. The results reveal that the vertices serve as weak points in the SP-HHH, while the vertex cell pattern significantly influences the specific stiffness and stiffness characteristics of the panel. The SP-HHH with hexagonal vertex cells has superior specific stiffness compared to panels with circular and rectangular vertex cells, resulting in a more lightweight design and enhanced stiffness.