Central to structural health monitoring (SHM) is data modeling, manipulation, and interpretation on the basis of a sophisticated SHM system. Despite continuous evolution of SHM technology, the precise modeling and forecasting of SHM measurements under various uncertainties to extract structural condition-relevant knowledge remains a challenge. Aiming to resolve this problem, a novel application of a fully probabilistic and high-precision data modeling method was proposed in the context of an improved Sparse Bayesian Learning (iSBL) scheme. The proposed iSBL data modeling framework features the following merits. It can remove the need to specify the number of terms in the data-fitting function, and automatize sparsity of the Bayesian model based on the features of SHM monitoring data, which will enhance the generalization ability and then improve the data prediction accuracy. Embedded in a Bayesian framework which exhibits built-in protection against over-fitting problems, the proposed iSBL scheme has high robustness to data noise, especially for data forecasting. The model is verified to be effective on SHM vibration field monitoring data collected from a real-world large-scale cable-stayed bridge. The recorded acceleration data with two different vibration patterns, that is, stationary ambient vibration data and non-stationary decay vibration data, are investigated, returning accurate probabilistic predictions in both the time and frequency domains.