Polyurethane microcellular elastomer (PUME) is a lightweight multifunctional material, which is widely used in the field of vibration reduction and isolation. In this study, PUMEs with different closed-cell ratio and densities were prepared by introducing three different polyether-grafted modified polysiloxane surfactants. The mechanism of surfactants and the influence of elastomer microstructure on vibration and mechanical properties were analyzed. It was found that adding polyether-modified polysiloxane surfactants with high surface activity was beneficial for synthesizing PUMEs with high closed-cell ratio. The cell structure had a greater impact on the mechanical properties. The closed-cell ratio of PUMEs had a positive enhancing effect on compression performance, dynamic stiffness, static stiffness, and rebound rate. This is mainly due to the cell walls and the gas bearing force in the cavity of the closed-cell structure, which allow the material to bear force more effectively compared to an open-cell structure. This study provides important theoretical support for controlling the closed-cell ratio of PUMEs and their practical applications in the field of vibration reduction and isolation.