With the tendency toward high speed and high pressure in centrifugal pumps, the problem of sub-synchronous vibration has arisen, caused by the hydraulic forces of the working fluid, such as wearring, balance piston, impeller, etc.. These forces can drastically alter the rotor critical speeds and stability characteristics, and can be acted significant destabilizing forces. For preventing such self-excited vibration, the desing of the rotor system needs, which would secure the stability of the machine. In this paper, a procedure is presented for dynamic modeling of rotor-bearing-seal-impeller systems which consist of rigid disks, distributed parameter finite rotor elements and discrete bearings, seals and impellers. A finite element model including the effects of rotatory inertia and gyroscopic moments is developed using the consistent matrix approach. The technique of dynamic matrix reduction is applied to the shaft matrices to reduce them to a set of matrices of dynamic of significantly fewer degrees of freedom. The representation of bearing, seal and impeller elements is in term of linearized stiffness and damping matrices by reasonably small perturbations from equilibrium. The stability behavior of a typical double suction centrifugal pump is presented. Results show the influence of clearance and flow conditions on running speeds and stability characteristics.