Falls are unpredictable accidents and resulting injuries can be serious to the elderly. A preventative solution can be the use of vibration stimulus of white noise to improve the sense of balance. In this work, a pair of vibration shoes were developed and controlled by a touch-type switch which can generate mechanical vibration noise to stimulate the patient’s feet while wearing the shoes. In order to evaluate the balance stability and treatment effect of vibrating insoles in these shoes, multivariate multiscale entropy (MMSE) algorithm is applied to calculate the relative complexity index of reconstructed center of pressure (COP) signals in antero-posterior and medio-lateral directions by the multivariate empirical mode decomposition (MEMD). The results show that the balance stability of 61.5% elderly subjects is improved after wearing the developed shoes, which is more than 30.8% using multiscale entropy. In conclusion, MEMD-enhanced MMSE is able to distinguish the smaller differences between before and after the use of vibration shoes in both two directions, which is more powerful than the empirical mode decomposition (EMD)-enhanced MSE in each individual direction.