Pumped storage power station (PSPS) is an important clean energy project that plays an important role in ensuring the economical, safe, and stable operation of power systems and alleviating the contradiction of peak load regulation. Deformation analysis of the built and under construction PSPS dam was an important process of dam design and operation, which was of great significance to ensure the safe operation of hydraulic structures in the reservoir site. Nevertheless, there were many parameters involved in the model for analyzing dam deformation, which brings a large workload to the inversion and application of model parameters. In this study, the asphalt concrete face rockfill dam (ACFRD) of a PSPS in Ningxia, China, was taken as an example, a dam deformation 3D finite element analysis model based on the Duncan–Chang E-B model was constructed, and the orthogonal test method was used. The model parameters of the main rockfill zone, secondary rockfill zone, and reservoir bottom backfill zone were taken as factors for the sensitivity analysis of horizontal displacement of dam H, vertical displacement u, and asphalt concrete face tensile strain ε. The results showed that initial bulk modulus base Kb, damage ratio Rf, and initial elastic modulus base K had a relatively higher sensitivity and had significant impacts on the calculation results, while internal friction angle φ, fraction angle reduction φ, bulk modulus index m, and elastic modulus index n had a relatively lower sensitivity, which had no significant impact on the calculation results. Therefore, when using the Duncan–Chang E-B model to analyze the deformations of a PSPS dam and asphalt concrete face, Kb, Rf, and K should be the focus. Parameters with a low sensitivity could be determined by engineering analogy so as to achieve the purpose of improving calculation efficiency under the premise of ensuring calculation accuracy. Meanwhile, these parameters should also be strictly controlled during construction. The results of this study could provide a reference for the design and safety assessment of ACFRD in PSPS.