This study aims to provide an accurate finite element (FE) modeling method for structural vibration serviceability evaluation of the suspended floor under human-induced excitation. The fundamental dynamic characteristics and human-induced vibration responses of a typical suspended floor were first measured via a series of field tests. Subsequently, the overall and local equivalent FE models of the suspended floor were respectively established, and their applicability was then verified by comparing the predicted dynamic characteristics and responses of the suspended floor with the corresponding field test results. Finally, passive tuned mass dampers (TMDs) were designed for vibration control of the suspended floor using the local equivalent FE model, and the applicability of the local FE model in assessing the vibration serviceability of the suspended floor with TMDs was further confirmed via pedestrian-induced vibration tests. Results demonstrate that the simplified local equivalent FE model proposed in this study can well replace the complicated overall FE model to evaluate the vibration serviceability of the suspended floor with and without TMDs.