To improve the hydraulic control performance of ABS, it is necessary to establish an efficient control algorithm. And also it is necessary to ova]Hate a hydraulic modulator with solenoid valve quantitatively. In this paper, FEM and permeance method are used to analyze dynamic characteristics of outlet valve. In return, mathmatical modeling of a hydraulic modulator and operating pressure is presented, and the model parameters of an outlet valve are moving plunger, spring constant and orifice diameter. This study shows the way to improve the dynamic characteristic of an ABS outlet valve heavily depending on operating pressure. It is recommended that operating pressure should be justified at the first step toward the design to get the optimal design of an outlet valve.