This study aimed to investigate the effect of soil–structure interaction (SSI) on the inelastic displacement ratio of bridge structures subjected to near-fault pulse-like earthquake ground motions. SSI was modeled using a discrete-time recursive filter approach and frequency-dependent foundation–soil impedance functions. A total of 105 near-fault earthquake ground motion records were used for the analysis. The study also compared the soil–foundation–superstructure (SFS) system with a fixed-base system to explore the effects of spectral period normalization, strength reduction factor, earthquake magnitude, site-to-source distance, and peak ground velocity on the inelastic displacement ratio. The findings indicate that both the SFS and fixed-base systems have significant inelastic displacement demand under near-fault earthquakes, with values that can be 2–3 times higher than those predicted by ASCE-41-13, particularly in the short period range. Furthermore, as the structural period approaches the earthquake pulse period, the SFS system generally shows larger inelastic displacement ratios compared to the fixed-base system. The analytical results provide insight into the factors affecting the inelastic displacement ratio for near-fault pulse-like earthquakes.