Vibration signal analysis of the traction machine is an important part of the current rotating machinery state recognition technology, and its feature extraction is the most critical step. In this study, the time-frequency characteristics of the vibration of the traction machine under different elevator running directions, running speeds and load weights are analyzed. The novel demodulation method based on time-frequency analysis and principal component analysis (DPCA) is used to extract the periodic modulated wave signal. In order to compare different influence of background noise and unknown frequency influence, the Fast Fourier Transform (FFT) and Short Time Fourier Transform (STFT) methods are used to extract the characteristics of the traction machine vibration signal, respectively. Under different load conditions, it is difficult to observe the obvious differences and similarities of the vibration signals of the traction machine by time-frequency method. However, the DPCA demodulation method provides a guarantee for the reliability and accuracy of the state identification of the traction machine.