The high traffic density of railway line causes ballasted track to be extremely busy, and thus it is particularly important to improve the efficiency during railway maintenance. The changing law of dynamic characteristics of ballast bed during operation for the dynamic track stabilizer is conducive to optimize simulation analysis of the vehicle-track system, so as to provide an optimized choice of operating parameters for promoting the pertinence and efficiency of dynamic track stabilizer. This paper presents the acceleration response of vehicle-track-subgrade system during operation of a WD-320 dynamic track stabilizer and proposes the range of effective operating parameters. Then, the influence of operating parameters on the dynamic characteristics of the ballast bed is discussed for searching the optimal operating parameters under the single factor influence. Finally, the change laws including the support stiffness, damping, lateral resistance, and subsidence for the ballast bed are studied, and a parameterized model for dynamic characteristics of the ballast bed which can optimize the selection for operating parameters is constructed, rendering an effective reference variable for improving the simulation accuracy of the vehicle-track coupling system.