New types of laminated composites are continuously being developed to meet various requirements involved in engineering applications. Before mass production of these new composite materials can take place, it is necessary to identify their elastic properties. Although current identification methods based on vibration tests and optimization algorithms are highly accurate, their high computation cost is a drawback. To address this issue, this paper proposes a new method to identify orthotropic elastic properties of multi-layered composite plates. The proposed method is based on the Modal Stability Procedure, using the experimental vibration frequencies and corresponding numerical mode shapes of structures. It converges after only two or three iterations without requiring an optimization algorithm. Therefore, the computational cost of the proposed method is significantly lower than that of optimization-based methods. The effectiveness and robustness of this method are demonstrated through three examples with different material, stacking sequences, and geometries including curved plate.