Identification of vibration parameters from the analysis of the dynamic response of a structure plays a key role in current health monitoring systems. This study evaluates the capabilities of the recently developed Synchrosqueezed Wavelet Transform (SWT) to extract instant frequencies and damping values from the simulated noise-contaminated response of a structure. Two approaches to estimate the modal damping ratio from the results of the SWT are presented. The results obtained are compared to other signal processing methods based on Continuous Wavelet (CWT) and Hilbert-Huang (HHT) transforms. It was found that the time-frequency representation obtained via SWT is sharped than the obtained using just the CWT and it allows a more robust extraction of the individual modal responses than using the HHT. However, the identification of damping ratios is more stable when the CWT coefficients are employed.