Although the finite element method has become an indispensible tool for the dynamic analysis of structures, difficulty remains to quantify the errors associated with discretization. To improve the modeling accuracy, this paper proposes a method to make a combined use of finite elements and exact dynamic elements. Exact interpolation functions for the Timoshenko beam element are derived using the exact dynamic element modeling (EDEM) and compared with interpolation functions of the finite element method (FEM). The exact interpolation functions are tested with the Laplace variable varied. A combined use of finite element method and exact interpolation functions is presented to gain more accurate mode shape functions. This paper also presents a combined use of finite elements and exact dynamic elements in design/reanalysis problems. Timoshenko flames with tapered sections are tested to demonstrate the design procedure with the proposed method. The numerical study shows that the combined use of finite element model and exact dynamic element model is very useful.