How to accurately determine the mechanical parameters of rockfill is one of the key issues of concrete-face rockfill dams. Parameter back-analysis using internal or external monitoring data has been proven to be an efficient way to solve this problem. However, traditional internal or external monitoring methods have limitations in efficiency and long-term monitoring. In this paper, the displacement of the Shuibuya concrete-face rockfill dam is monitored by the space-borne Interferometric Synthetic Aperture Radar (InSAR) time series method. Using the InSAR results and the finite element method, the back-analysis of the mechanical parameters of the rockfill dam is investigated, and the back-analysis results of InSAR and levelling are compared. A high correlation of 0.99 for the displacement results generated from InSAR and the levelling offers good agreement between the two methods. The agreement provides confidence that the external InSAR monitoring measurement allows producing a reliable back-analysis and captures the displacement properties of the dam. Based on the identified parameters from the InSAR results, the dam displacement is predicted. The prediction of the maximum settlement of the dam is 2.332 m by the end of 2020, according to the dam displacement characteristics, which agrees well with the results derived from the recorded internal monitoring data. Therefore, the external monitoring results from the InSAR observation can be used as a supplement for traditional monitoring methods to analyse the parameters of the dam.