The results of a theoretical study of the structural and dynamical parameters of surface phases (adsorption phase and surface alloy phase) formed upon the adsorption of 0.33 Pb monolayer on the Ni(111) plane surface are discussed. Calculations were performed using interatomic potentials obtained within the framework of the embedded atom method. The stability of the surface phases was analyzed on the basis of data on the equilibrium atomic configuration, phonon spectra, local density of phonon states, and polarization of localized vibration modes. It is shown that the Pb–Ni surface alloy has the highest dynamic stability among the two possible surface phases.