In this work, a novel methodology for the identification of stiffness and damping rotordynamic coefficients in a rotor-bearing system is proposed. The mathematical model for the identification process is based on the algebraic identification technique applied to a finite element (FE) model of a rotor-bearing system with multiple degree-of-freedom (DOF). This model considers the effects of rotational inertia, gyroscopic moments, shear deformations, external damping and linear forces attributable to stiffness and damping parameters of the supports. The proposed identifier only requires the system’s vibration response as input data. The performance of the proposed identifier is evaluated and analyzed for both schemes, constant and variable rotational speed of the rotor-bearing system, and numerical results are obtained. In the presented results, it can be observed that the proposed identifier accurately determines the stiffness and damping parameters of the bearings in less than 0.06 s. Moreover, the identification procedure rapidly converges to the estimated values in both tested conditions, constant and variable rotational speed.