Recentering structure with a viscous damping system is an emerging structural system with remarkable seismic resilience. This system can exhibit sufficient energy‐dissipating capacity during a major earthquake and eliminate the residual deformation through recentering mechanism afterward. However, the seismic response of the considered system is still confusing due to its complex dynamic behavior. Thus, it is hard to estimate the peak responses of the system during a major earthquake. This study proposes a simplified analysis method for estimating the peak responses of recentering structures with viscous damping systems based on an equivalent two‐stage substitute model. Considering the considerable strain energy of recentering structures during vibrations, this method proposes to employ effective stiffness based on the equal‐energy principle in an equivalent two‐stage substitute model. Based on this concept, corresponding equations are derived for capturing the peak transient responses of the considered system. Results of response history analysis validate that the proposed method can reasonably estimate maximum relative displacement, relative velocity, and absolute acceleration. Given its satisfactory accuracy, this method is promising while conducting seismic design of recentering structures with viscous damping systems.