In order to discuss random excitation identification method considering the influence of measurement errors, model measurement error and response measurement error are introduced to inverse pseudo excitation method. Influencing factors of random excitation identification accuracy are deduced. The ways to improve identification accuracy are analyzed. Coefficient matrix is introduced to reduce the effect of frequency response function matrix′s condition number on identification accuracy. Numerical simulation of multi-point random excitation identification of cantilever beam is carried out. Taking a composite plate structure, multi-point random vibration tests are conducted. Results show that, compared with traditional inverse pseudo excitation method, the proposed method can effectively improve random excitation identification accuracy near some natural frequencies with consideration of both model measurement error and response measurement error.