To accurately describe mechanical characteristics in the modeling and analysis of bolted joint structure in complex mechanical system, this article investigates on the equivalent parameters of mechanical characteristics (tension and compression stiffness, bending stiffness, shear stiffness, and torsion stiffness) of bolted joints by theoretical derivation and provides an effective modeling approach with thin-layer element theory and equivalent parameters as well. First, the equivalent parameters of mechanical characteristics of bolted joints are achieved. And then the finite element model of bolted joint is established by equivalent parameters, called as parametric modeling method. Based on two cases of study, the mode analyses of parametric finite element models are implemented with dynamic test data to validate the developed parametric finite element models of bolted joints with the equivalent parameters. It is shown from the investigations that parametric finite element models have higher precision than finite element model in structural dynamic analysis because the analytical results based on parametric finite element models are closer to test data. It is fully demonstrated that the equivalent parameters may effectively simulate the mechanical characteristics of bolted joint structures, and the parametric modeling approach with equivalent parameters is efficient and high fidelity for bolted joints in complex machinery due to high precision in mode analysis. The efforts provide an effective modeling method for simulating the mechanical characteristics of bolted joints and designing bolted joint structure in complex machinery.