With the advantages of high tensile, bending, and shear strength, steel fiber concrete structures have been widely used in civil engineering. The health monitoring of concrete structures, including steel fiber concrete structures, receives increasing attention, and the Electromechanical Impedance (EMI)-based method is commonly used. Structures are often subject to changing axial load and ignoring the effect of axial forces may introduce error to Structural Health Monitoring (SHM), including the EMI-based method. However, many of the concrete structure monitoring algorithms do not consider the effects of axial loading. To investigate the influence of axial load on the EMI of a steel fiber concrete structure, concrete specimens with different steel fiber content (0, 30, 60, 90, 120) (kg/m3) were casted and the Lead Zirconate Titanate (PZT)-based Smart Aggregate (SA) was used as the EMI sensor. During tests, the step-by-step loading procedure was applied on different steel fiber content specimens, and the electromechanical impedance values were measured. The Normalized root-mean-square deviation Index (NI) was developed to analyze the EMI information and evaluate the test results. The results show that the normalized root-mean-square deviation index increases with the increase of the axial load, which clearly demonstrates the influence of axial load on the EMI values for steel fiber concrete and this influence should be considered during a monitoring or damage detection procedure if the axial load changes. In addition, testing results clearly reveal that the steel fiber content, often at low mass and volume percentage, has no obvious influence on the PZT’s EMI values. Furthermore, experiments to test the repeatability of the proposed method were conducted. The repeating test results show that the EMI-based indices are repeatable and there is a great linearity between the NI and the applied loading.