The dynamic stability of railway vehicle has been one of the important issues in railway safety. The dynamic simulator has been used in the study about the dynamic stability of railway vehicle and wheel/rail interface optimization. Especially, a small scale simulator has been widely used in the fundamental study in the laboratory instead of full scale roller rig which is not cost effective and inconvenient to achieve diverse design parameters. But the technique for the design of the small scale simulator about the dynamic characteristics of the wheel-rail system and the bogie system has not been well developed in Korea. Therefore, the research using the small-scaled derailment simulator and the 1/5 scaled bogie has been conducted. In this paper, we did running stability test of 1/5 scaled bogie using small-scaled derailment simulator. Also, for the operation of the small scaled simulator, it is required to investigate the performance and characteristics of the simulator system. This could be achieved by a comparative study between an analysis and an experiment. This paper presented the analytical model which could be used for verifying the test results and understanding of the physical behavior of the dynamic system comprising the small- scaled derailment simulator and the 1/5 scaled bogie.