Ambient vibration measurements of a cable-stayed bridge in Taiwan were first conducted to identify its dominant modal parameters with a reliable stochastic subspace identification algorithm recently developed. A finite element model is then constructed based on the identified frequencies and shape vectors of four vertically bending, one torsional, and one horizontally bending modes. This model is also updated by adjusting the girder-pier connection with the addition of a rotational spring to reflect the actual conditions and its accuracy is demonstrated with less than 1% of error for the first two vertically bending modes. As a solid application for probing the environmental effects in structural health monitoring, the vibration measurements of 24 hours were further conducted and combined with the well calibrated model to investigate the controlling factor for its variation in modal frequencies. It is found that the frequencies of the first two vertically bending modes are closely correlated to the root-mean-square velocity representing the traffic excitation intensity. Moreover, it is shown with the updated model that the daily variations in the frequencies of the first two vertically bending modes can be reasonably simulated by modifying the coefficient of the rotational spring merely in a limited range.