An innovative symmetrical hysteresis model for reinforced concrete (RC) rectangular hollow columns is presented. The Bouc–Wen–Baber–Noori (BWBN) model was selected to depict the inelastic restoring forces and was improved by introducing a coefficient to describe the relationship between stiffness degradation and peak displacement. Sensitivity analysis was conducted at the local and global levels to clarify the importance of each parameter in the improved BWBN model. As such, a hybrid intelligence algorithm named PSOGSA was employed to identify the parameters of the BWBN model utilizing quasi-static tests of 16 hollow columns. The empirical formulas were regressed to bridge the connection between the BWBN model and design parameters of hollow columns. The results showed that the hysteresis curves of the improved BWBN model calibrated by the PSOGSA agreed well with the measured loops. In addition, the accuracy of the empirical prediction method of hysteretic parameters was checked through comparison with other hollow members. The calibrated improved BWBN model produced more precise hysteretic responses for RC hollow columns, since the peak and residual performance levels were simultaneously considered.