One of the challenges of the finite element model updating using time domain data is the lack of a direct relationship between changes in structural parameters and structural responses. Computational techniques, such as the Finite Difference Method (FDM) and Direct Differentiation Method (DDM), are used to calculate the sensitivity of the structural response to variations of structural parameters in the time domain. The use of these methods is time-consuming for large and complex structure. In the present study, an exact sensitivity equation is presented that establishes a direct and linear relationship between changes of structural parameters and structural response variations. The proposed closed form equations, have high computational efficiency in calculating the sensitivity of time domain responses. The measured responses directly contribute to the calculation of the sensitivity matrix, so the finite element model updating procedure is improved in terms of accuracy and reliability. The proposed method updates the finite element model even using a single excitation frequency that distinguishes the presented sensitivity relationship from frequency response-based methods which use wide ranges of excitation frequencies for model updating. To evaluate the effectiveness of the proposed method, different damage scenarios with different intensities have been simulated on two offshore jacket platform models. The performance of the proposed method in identifying the location and severity of induced damages in the presence of measurement and modeling errors confirms the effectiveness of the proposed method.