Structural health monitoring (SHM) systems have been recently embraced in long span cable-supported bridges, in which buffeting-induced stress monitoring is one of the tasks to ensure the safety of the bridge under strong winds. In line with this task, this paper presents a SHM-oriented finite element model (FEM) for the Tsing Ma suspension bridge in Hong Kong so that stresses/strains in important bridge components can be directly computed and compared with measured ones. A numerical procedure for buffeting induced stress analysis of the bridge based on the established FEM is then presented. Significant improvements of the present procedure are that the effects of the spatial distribution of both buffeting forces and self-excited forces on the bridge deck structure are taken into account and the local structural behaviour linked to strain/stress, which is prone to cause local damage, are estimated directly. The field measurement data including wind, acceleration and stress recorded by the wind and structural health monitoring system (WASHMS) installed on the bridge during Typhoon York are analyzed and compared with the numerical results. The results show that the proposed procedure has advantages over the typical equivalent beam finite element models.