Component parameters directly affect the dynamic characteristics of suspension systems in small rescue craft. To study and improve the vibration reduction performance of a new suspension system, sensitivity analysis and genetic algorithm (GA) optimization were performed for a three-degree-of-freedom (3-DOF) vibration reduction suspension system. The system performance was analyzed using AMESim multi-condition simulations, and the sensitivity of the system to parameters that affect its dynamic characteristics was analyzed. Furthermore, the parameters were optimized using the GA. The simulation results indicated that the hydraulic cylinder inner diameter, the piston rod diameter, the accumulator volume, the accumulator pre-charge pressure, and the damper valve aperture size all influenced the working performance of a small salvage vessel. The optimization results showed that the stability of the ship was improved by 60% and that the main hull acceleration root mean square value decreased by 2.24% as a result of the optimization. The stability and riding comfort of the small salvage ship were improved, and there was an evident stability optimization effect. The comprehensive performance of the salvage ship was significantly improved.