The objective of this study was to systematically investigate the effects of the system parameters on the dynamic properties of the bearing materials during the wear process. The investigated materials were AISI 52100 steel and AISI 5120 steel. The lubricated wear experiments were conducted on a rotating pin-on-disk tribometer at different levels of the normal pressure, velocity, and surface roughness. Two chaotic characteristic parameters, namely the correlation dimension (D) and the average distance between the phase points (da), were used to characterize the wear features using the coefficient of friction (COF). The results showed that the system parameters had strong effects on the running-in time, stable wear time, and value of the COF in the stable state. Additionally, with increasing pressure, velocity, and initial roughness, D initially decreased and then increased and da exhibited similar trends, although the degree of influence was different. The wear properties of the bearing materials were highly sensitive to the system parameters. The results of this study provide insights into the detection and prediction of the wear states of the bearing material, and the improvement of the properties of the bearing material.