An important aspect of soil– structure interaction analysis is establishing a high-precision conversion relationship between the dynamic impedance in the frequency domain and impulse response function in the time domain. Accordingly, an improved Nakamura model was developed in this study to convert dynamic impedance to an impulse response function. The causes and distribution rules of repeated phase angles were investigated based on the traveling time-lag effect, rendering the improved method more robust. In addition, the impulse response function and interaction force can achieve high fitting accuracy by stripping the singular term from the conventional term. In this study, the time-domain impulse response function and interaction force were derived based on the force–displacement relationship. Further, the accuracy and stability of the improved method were verified using a semi-infinite bar on an elastic foundation. Then, the effects of frequency interval, maximum frequency, and shape of the coefficient matrix on the impulse response function and interaction force were studied by considering the analytical solution of a spherical cavity embedded in full space as an example. Finally, two interaction systems were used to verify the applicability of the improved method in analyzing the soil–structure dynamic interaction.