In this paper, a new frequency-domain based approach for the investigation of aeroelasticity problems is introduced that is capable of handling both linear and nonlinear problems. This approach is based on coupling a conceptual method used in a structural dynamic analysis and an optimum equivalent linear frequency response function (OELF). Additionally, a new criterion for determining the flutter speed and the instability of nonlinear systems is introduced that is based on the condition number of the aeroelastic matrices. Due to the global nature of the condition number, the new criterion proves to be efficient and simple to use. To examine the efficiency of the new technique, a two-dimensional nonlinear airfoil with an unsteady aerodynamic model is considered.