We develop a theoretical approach to study the magnonic properties of the 2D ordered surface Fe–Ni alloys with 20% and 30% Fe on a face-centered cubic Ni(001) surface substrate. The surface alloy nanostructures in stable equilibrium are determined by computing the lowest energy configurations of constitutive supercells of the ordered alloys. The magnetic exchange constants of the ground state of the stable systems are calculated to define their Heisenberg Hamiltonians using the DFT Spin-Polarized Relativistic Korringa–Kohn–Rostoker (SPRKKR) method and considering Fe–Fe interactions up to third nearest neighbors. To determine the propagating exchange spin-wave modes, evanescent modes, and the consequent magnonic properties, the spin dynamics of the magnetic surface alloy nanostructures are solved using the phase field matching theory (PFMT). Our results indicate that the Fe–Fe exchange interactions up to third nearest neighbors are vital for accurately describing their magnonics. In particular, the exchange interactions influence the form of dispersion branches for the high-energy spin-wave modes of the Fe–Ni surface alloys considered. Appropriate Green’s functions are also derived from the PFMT method to compute the local densities of states (LDOS) for the atomic sites at the surface boundary. For the case of 20% Fe surface alloy, the Fe–Fe exchange interactions shift the Fe LDOS peaks to lower frequency intervals. We also distinguish the emergence of remarkable LDOS peaks for the he case of the 30% Fe surface alloy at specific Ni sites. These peaks change positions under second and third nearest neighbor Fe–Fe interactions, heralding new accessible spin-wave channels. Our results contribute to establishing a systematic understanding of the magnonics of the magnetic surface alloys of transition metal (TM) materials. This new knowledge will enable the study of the quantum transport of spin waves at interfacial alloy nanojunctions composed of such materials. The present DFT-PFMT theoretical approach is general and can be applied to other surface TM alloy magnetic nanostructures.