The water diversion surge shaft is vital for a hydropower station. However, the complex geological properties of the surrounding rock make it challenging to obtain its mechanical parameters. A method combining particle swarm optimization (PSO) and support vector machine (SVM) algorithms is proposed for estimating these parameters. According to the engineering geological background and support scheme, a three-dimensional model of the water diversion surge shaft is established by FLAC3D. An orthogonal test is designed to verify the accuracy of the numerical model. Then, the surrounding rock mechanical parameter database is established. The PSO-SVM intelligent inversion algorithm is used to invert the optimal values of the mechanical parameters of the surrounding rock. The support for excavating the next layer depends on the mechanical parameters of the current rock layer. An optimized design scheme is then compared and analyzed with the original support scheme by considering deformation and plastic characteristics. The research results demonstrate that the PSO-SVM intelligent inversion algorithm can effectively improve the accuracy and efficiency of the inversion of rock mechanical parameters. Under the influence of excavation, the surrounding rock in the plastic zone mainly fails in shear, with maximum deformation occurring in the middle and lower parts of the excavation area. The maximum deformation of the surrounding rock under support with long anchor cables is 0.6 cm less than that of support without long anchor cables and 4.07 cm less than that of support without an anchor. In the direction of the maximum and minimum principal stress, the maximum depth of the plastic zone under the support with long anchor cables is 1.3 m to 2.6 m less than that of the support without long anchor cables and the support without an anchor. Compared with the support without long anchor cables and support without an anchor, the support with long anchor cables can effectively control the deformation of the surrounding rock and limit the development of the plastic zone.