For buildings that meet the requirements of current seismic design codes, damage to nonstructural components and the internal objects of buildings often become the main source of the seismic economic losses of these buildings. However, the current specifications only consider the safety of ‘no collapse under strong earthquake’ and do not consider ‘functional recoverability’. In this paper, a six-story frame building was taken as an example. Four joint performance limit states were proposed, as per FEMA 273, to establish a two-dimensional probabilistic seismic demand model that considers parameter correlations. The limit state function was established, and the two-dimensional seismic vulnerability curve was calculated. The seismic intensity–economic loss curve and the annual average economic loss established by one-dimensional and two-dimensional seismic vulnerability curves were compared. The results showed that the seismic performance of the structure was lower than expected when using only a one-dimensional seismic vulnerability curve. However, the situation was more serious under high-intensity earthquake and high-performance levels.