Magnetorheological (MR) dampers are devices that can be used for vibration reduction in structures. However, to use these devices in an effective way, a precise modeling is required. In this sense, in this paper we consider a modified parameter identification method of large-scale magnetorheological dampers which are represented using the normalized Bouc–Wen model. The main benefit of the proposed identification algorithm is the accuracy of the parameter estimation. The validation of the parameter identification method has been carried out using a black box model of an MR damper in a smart base-isolated benchmark building. Magnetorheological dampers are used in this numerical platform both as isolation bearings as well as semi-active control devices.