Magnetostrictive iron–gallium alloys are able to dissipate mechanical energy via eddy currents and magnetic hysteresis. The mechanically induced eddy current loss is determined by the piezomagnetic coefficient; the hysteresis loss is usually quantified by the phase lag. This study first characterizes these losses for research grade, -oriented, highly textured, polycrystalline $\mathrm{Fe_{81.6}Ga_{18.4}}$ within the structural frequency range (up to 800 Hz). The magnetic biasing is provided by applying a constant current of 500 mA on a pair of electromagnets; the mechanical excitation is a sinusoidal stress wave (3 $\pm$ 0.2 MPa) superimposed on a $-$ 20 MPa constant stress. As stress frequency increases, the piezomagnetic coefficient decreases from 32.27 to 10.33 T/GPa and the phase lag $|\Delta \phi |$ increases from 11.38 $^\circ$ to 43.87 $^\circ$ . A rate-dependent finite element framework decoupling eddy current loss and hysteresis loss is then developed. The model accurately reproduces the experimental results in both quasi-static and dynamic regimes. Guided by the knowledge of material properties and the finite element model, a coil-less and solid-state damper is designed which can attenuate vibrations before they propagate and induce structure-borne noise and damage. Modeling results show that the loss factor of this damper can be continuously tuned from 0 to a maximum value of 0.107 by adjusting the precompression on the magnetostrictive component.