The responses of soft structures such as tissue depend on their viscoelastic properties. Therefore, the knowledge of the elastic and damping properties of soft materials is of great interest. This paper presents the identification of the viscoelastic properties of soft materials using a convenient dynamic indentation system and procedure. Using an electromagnet, a force is applied to a rigid sphere located at the soft-material interface and the dynamic response of the sphere is recorded using a high-speed camera. The recorded video is processed to identify the displacement of the sphere as a function of time. The dynamic response of the sphere located at the soft-material interface is predicted using an analytical model that considers the shear modulus and density of the soft sample, the radiation damping due to shear waves, and the radius and density of the sphere. By matching the measured and predicted steady-state displacements of the sphere, the shear modulus of the soft sample is determined. The viscous damping ratio of the soft sample is identified by using an equivalent viscous damping ratio for the soft sample in the analytical model and matching the measured and predicted oscillation amplitudes of the sphere. Experiments and analyzes are performed using gelation phantoms with different mechanical properties, spheres of different materials and sizes, and different force levels to verify the system and procedure. Three experiments are performed for each gelation phantom, sphere, and external force, and the repeatability of the results is presented. The results show that the dynamic indentation system and procedure presented in this study can be conveniently used to determine the viscoelastic properties of soft materials in practical applications.