Due to the complexity of the crustal medium and stratigraphic boundaries, seismic waves typically exhibit attenuation and dispersion after propagation through the medium. By studying the regularity of seismic wave dispersion, soil layer information can be extracted. Current spectral decomposition techniques take less account of signal filtering processing of seismic waves, and the complexity of the stratigraphy tends to reduce the accuracy of dispersion analysis. Based on the above, a new method for calculating the dispersion characteristics of a site from surface and downhole ground vibration recordings is proposed, which is simpler than the spectra analysis of surface waves (SASW) method and eliminates the need for multiple pickups and additional equipment. This method is based on wavelet decomposition and seismic wave filtering, and a numerical simulation example is established to verify the effectiveness of the method. Then, the records of the Tohoku earthquake on March 11, 2011 are used as actual strong earthquake examples for filtering and dispersion analysis. Finally, it is concluded that the seismic wave dispersion analysis method based on wavelet decomposition can effectively filter and analyze seismic waves in specific frequency bands.