Blade tip timing (BTT) is a core technique for investigating the blade vibration of large-scale centrifugal compressors, and identifying the parameters of blade asynchronous vibration is crucial for implementing blade condition monitoring based on the BTT technique. In this study, the multiple signal classification (MUSIC) algorithm and the estimating signal parameters via rotational invariance techniques (ESPRIT) algorithm were first applied separately to identify the asynchronous vibration parameters of centrifugal compressor blades, with their advantages and disadvantages discussed. Subsequently, based on the frequency distribution characteristics in the ESPRIT results, the concept of “frequency distribution rate” was proposed. Finally, the results of the MUSIC algorithm were weighted by the frequency distribution rate, and an improved MUSIC algorithm was proposed. This enhanced confidence in the real frequency in the MUSIC algorithm results. Compared with the strain gauge method, the maximum relative error of the improved algorithm is 0.23%. The improved MUSIC algorithm improves the accuracy of parameter identification for blade asynchronous vibration, which holds great significance for the industrial application of the BTT technique.