The structural dynamics of a machine tool play a significant role in chatter occurrence, which significantly deteriorates the metal-cutting performance. The receptance coupling substructure analysis (RCSA) is known for eliminating the experimental dependency on repetitive impact hammer testing. However, the identified contact parameters between the holder and tool, which are necessary for RCSA, usually lose accuracy in predicting tool point dynamics when applied to other tool clamping lengths or to combinations with other tools. To this end, a new method based on conventional impact hammer testing and RCSA technique to identify these parameters is proposed. Two descriptions of the proposed method are presented for different tool combinations and different clamping lengths, respectively. This new method eliminates the need for specialized experimental setups. The predicted tool point dynamics, using the identified contact parameters from the proposed method, show deviations below 3% with one exception, indicating that the identifications are accurate for various clamping lengths. The new approach yields significant advancements in the predicted tool point dynamics and stability boundaries compared to a traditional identification method reported in the literature.