An inverse approach based on the virtual fields method (VFM) is presented to identify the material hardening parameters under dynamic deformation. This dynamic-VFM (D-VFM) method does not require load information for the parameter identification. Instead, it utilizes acceleration fields in a specimen’s gage region. To investigate the feasibility of the proposed inverse approach for dynamic deformation, the virtual experiments using dynamic finite element simulations were conducted. The simulation could provide all the necessary data for the identification such as displacement, strain, and acceleration fields. The accuracy of the identification results was evaluated by changing several parameters such as specimen geometry, velocity, and traction boundary conditions. The analysis clearly shows that the D-VFM which utilizes acceleration fields can be a good alternative to the conventional identification procedure that uses load information. Also, it was found that proper deformation conditions are required for generating sufficient acceleration fields during dynamic deformation to enhance the identification accuracy with the D-VFM.