Due to the recent quantum leaps forward in bio-, nano-, and information-technologies, the precisionization and miniaturization of mechanical and electrical components are in high demand. The allowable margin for vibration limits for such equipments is becoming stricter. In order to meet this demand, understandings on the characteristics of vibration isolation systems are highly required. Among the components comprising the vibration isolation system, air spring has become a focal point. In order to develop a complex defect tester for COG bonding of display panels, a vibration isolation system composed of air springs for mounting is considered in this study. The dynamic characteristics of the air spring are investigated, which is the most essential ingredient for reducing the vibration problem of the tester to the lowest level. Uncoupled dynamic parameters of the air spring are identified through MTS experiments, followed by suggestion of a model-based approach to obtain the remaining coupled dynamic parameters. Finally, the dynamic behaviors of the air spring are estimated and discussed.