In this paper an innovative and simple Operational Modal Analysis (OMA) method for structural dynamic identification is proposed. It combines the recently introduced Time Domain–Analytical Signal Method (TD–ASM) with the Genetic Algorithm (GA). Specifically, TD–ASM is firstly employed to estimate a subspace of candidate modal parameters, and then the GA is used to identify the structural parameters minimizing the fitness value returned by an appropriately introduced objective function. Notably, this method can be used to estimate structural parameters even for high damping ratios, and it also allows one to identify the Power Spectral Density (PSD) of the structural excitation. The reliability of the proposed method is proved through several numerical applications on two different Multi Degree of Freedom (MDoF) systems, also considering comparisons with other OMA methods. The results obtained in terms of modal parameters identification, Frequency Response Functions (FRFs) matrix estimation, and structural response prediction show the reliability of the proposed procedure.