The current paper presents an investigation into novel modal testing methods applied to a disk–shaft structure at different rotating speeds in air and water. The structure was excited using three different methods: an instrumented hammer, a piezoelectric PZT patch glued on the disk and a transient ramp-up. The structural response was measured using an accelerometer and strain gauges mounted on board as well as accelerometers and displacement lasers mounted off board. The potential to excite the natural frequencies using each excitation method and to detect natural frequencies with each sensor was analyzed and compared. Numerical structural and acoustic–structural modal and harmonic analyses of the non-rotating disk in air and water were also performed, taking into consideration the PZT patch. The numerical results showed a close agreement with the experimental ones in both air and water. It was found that the rotating speed of the disk modified the detected natural frequencies, depending on the frame of reference of the sensor. Finally, the PZT patch and the transient ramp-up were proven to be reliable methods to excite the natural frequencies of the current test rig and to be potentially applicable in full-scale hydraulic turbines under operating conditions.