The direct measurement of external excitations under operation conditions remains challenging in many engineering applications. This study proposes a method of optimal sensor placement for the best localization and reconstruction of external excitations when considering multi-source uncertainties. The excitation inversion is achieved in the framework of minimizing the discrepancy between the forward and inversed modal loads. To accurately obtain the modal force in the time-domain excitation reconstruction algorithm, three combined indicators of the interested modal matrix are defined, which integrate measures of effectiveness, stability, orthogonality, and robustness of inverse modal transformation. The optimal sensor placement is determined by multi-objective particle swarm optimization and Pareto optimal solution. In addition, to alleviate the computational burden of loading localization, a surrogate model based on an interval kriging interpolation model and sequential sampling strategies is established for the forward modal forces. And a time-dependent interval error of modal forces inspired by the theory of second-order narrow bounds in system reliability is developed to guide the inversion process. Notably, the developed sensor selection and excitation inversion methods are independent of the type, location, and time evolution of external excitations. Eventually, two numerical examples and an experimental case are discussed to demonstrate the validity and feasibility of the developed approach.