In order to study the damage of a semirigid pavement under vehicle loads with varied parameters, the random dynamic loads applied on the pavement by a running vehicle were computed with two degrees of freedom, quarter-vehicle model, and then a three-dimensional finite element analysis model of semirigid asphalt pavement was established. With the peak stress index of each pavement layer, the effect of varied vehicle parameters on pavement response was studied. The results indicated that the stress wave frequency of each pavement layer was similar to that of the dynamic random load, and, with increased pavement depth, the wave effect decreased. The pavement response increased with increased suspension stiffness and tire stiffness and decreased with increased suspension damping and tire damping. Furthermore, compared to the stiffness, the response variation induced by the damping was orders of magnitude lower. Compared with the traditional time response analysis method, the peak response analysis of the pavement structure was more scientific, rational, and intuitive, which could be useful for the study of vehicle-pavement interaction and road damage.