The suspension system of a commercial vehicle cab plays a crucial role in enhancing ride comfort by mitigating vibrations. However, conventional rubber suspension systems have relatively fixed stiffness and damping properties, rendering them inflexible to load variations and resulting in suboptimal ride comfort under extreme road conditions. Shape memory alloys (SMAs) represent an innovative class of intelligent materials characterized by superelasticity, shape memory effects, and high damping properties. Recent advancements in materials science and engineering technology have focused on rubber-based SMA composite dampers due to their adjustable stiffness and damping through temperature or strain rate. This paper investigates how various structural parameters affect the stiffness and damping characteristics of sleeve-type rubber-based SMA composite vibration dampers. We developed a six-degree-of-freedom vibration differential equation and an Adams multi-body dynamics model for the rubber-based SMA suspension system in commercial vehicle cabins. We validated the model’s reliability through theoretical analysis and simulation comparisons. To achieve a 45% increase in stiffness and a 64.5% increase in damping, we optimized the suspension system’s z-axis stiffness and damping parameters under different operating conditions. This optimization aimed to minimize the z-axis vibration acceleration at the driver’s seat. We employed response surface methodology to design the composite shock absorber structure and then conducted a comparative analysis of the vibration reduction performance of the optimized front and rear suspension systems. This study provides significant theoretical foundations and practical guidelines for enhancing the performance of commercial vehicle cab suspension systems.