This paper proposes a sinusoidal modeling of polyphonic audio signals. Sinusoidal modeling which has been applied well to speech and monophonic signals cannot be applied directly to polyphonic signals because a window size for sinusoidal analysis cannot be determined over the entire signal. In addition, for high quality synthesized signal transient parts like attacks should be preserved which determines timbre of musical instrument. In this paper, a multiresolution filter bank is designed which splits the input signal into six octave-spaced subbands without aliasing and sinusoidal modeling is applied to each subband signal. To alleviate smearing of transients in sinusoidal modeling a dynamic segmentation method is applied to subbands which determines the analysis-synthesis frame size adaptively to fit time-frequency characteristics of the subband signal. The improved dynamic segmentation is proposed which shows better performance about transients and reduced computation. For various polyphonic audio signals the result of simulation shows the suggested sinusoidal modeling can model polyphonic audio signals without loss of perceptual quality.