It is well documented that the static and dynamic performance of foil air bearings (FABs) can be improved through the alteration of the radial clearance profile. One way of achieving such controllability is through piezoelectric actuation of the top foil. Such a piezoelectric foil air bearing (PFAB) avoids the dynamics complications introduced by alternative actuating mechanisms. So far, theoretical analysis of a PFAB pad in isolation has shown that top foil actuation can raise the static load capacity. This paper theoretically investigates the potential for improving the dynamic performance. A computational approach that uses Galerkin Reduction (GR) to model the air film and considers the detachment of the top foil from the bump foil is upgraded for multi-pad PFABs, thus facilitating parameter optimization. The investigation considers two conventional FAB rotor systems from the literature that exhibit strong sub-synchronous vibrations under high unbalance. It is found that the optimal voltage and placement of piezoelectric patches can result in total suppression of the strong sub-synchronous frequencies, as well as a rise in the onset of instability speed. The polarity of the voltage required for suppression of the sub-synchronous frequencies is found to be opposite to that required to raise the load capacity.