Great difficulty exists in the parameter identification of constitutive models of rubber materials because of the nonlinear large deformation characteristics of rubber materials. A new method based on hyperstatic equations was developed in order to improve the accuracy of parameter identification. A rubber bushing was analyzed with finite element (FE) approach, using the parameters identified with the developed method and the least square method. Then the two FE-predicted results were compared with test data. The results reveal that the identification method based on hyperstatic equations can precisely estimate the parameters of rubber material and its accuracy is obviously higher than that of the least square method. The efficiency and reliability of the developed method is validated.