A new time series method, directional ARMAX (dARMAX) model-based approach. is proposed for rotor dynamics identification. The dARMAX processes complex-valued signals, utilizing the complex modal testing theory which enables the separation of the backward and forward modes in the two-sided frequency domain and makes effective modal parameter identification possible, to account for the dynamic characteristics inherent in rotating machinery. This paper is divided into two parts : The dARMAX modeling, analysis. and fitting strategy are presented in the first part. whereas a evaluation of its performance characteristics based on both simulated and experimental data is presented in the second.