The premium connection is an important section of the tubing column. Under intricate downhole conditions, axial vibration generates alternating loads that cause energy dissipation between the sealing surfaces of the premium connection, reducing sealing performance. To investigate this issue, the mutual conversion process of sticking, slipping, and macroscopic slipping stages between the sealing surfaces of the premium connection under axial loads must be assessed. In this study, a finite element analysis model of a taper–taper Φ88.9 mm × 6.45 mm P110 premium connection is developed based on the discrete Iwan model’s ontological relationship, and the sealing surface’s force–displacement hysteresis curve is obtained. The equivalent Iwan model for this particular premium connection is constructed by discretizing the hysteresis curve and identifying the model’s four sets of parameters. The correctness of the parameter identification method of the equivalent Iwan model is verified by comparing and analyzing the similarity of the two models. The energy dissipation in the sealing surfaces of the premium connection for different working conditions under dynamic loading is analyzed. This study reveals that the area similarity of the hysteresis curves of the two models is more than 92%, while the positional error is less than 2%. The sealing surface displacement amplitude of the premium connection is between 0.04 mm and 0.07 mm, while the sealing surface energy dissipation increases linearly, which may lead to a decline in sealing performance.