Hydraulic vibration exists in various water conveyance projects and has resulted in different operating problems, but its obvious effects on system’s pressure head and stable operation have not been definitively addressed in the issued codes for engineering design, especially considering the uncertainties of hydraulic vibration. After detailed analysis of the randomness in hydraulic vibration and the commonly used stochastic approaches, in the basic equations for hydraulic vibration analysis, the random parameters and the formed stochastic equations were discussed for further probabilistic characteristic analysis of the random variables. Furthermore, preliminary investigation of the stochastic analysis of hydraulic vibration in pressurized pipelines and possible self-excited vibration in pumped-storage systems was presented for further consideration. The detailed discussion indicates that it is necessary to conduct further and systematic stochastic analysis of hydraulic vibration. Further, with the obtained frequencies and amplitudes in the form of a probability statement, the stochastic characteristics of various hydraulic vibrations can be investigated in detail and these solutions will be more reasonable for practical applications. Eventually, the stochastic analysis of hydraulic vibration will provide a basic premise to introduce its effect into the engineering design of water diversion and hydropower systems.