In this paper, a component-based parametric reduced-order modeling (PROM) technique for vibration analysis of complex structures is presented, and applications to both structural design optimization and uncertainty analysis are shown. In structural design optimization, design parameters are allowed to vary in the feasible design space. In probabilistic analysis, selected model parameters are assumed to have predefined probability distributions. For both cases, each realization corresponding to a specific set of parameter values could be evaluated accurately based on the exact modes for the system with those parametric values. However, as the number of realizations increases, this approach becomes prohibitively expensive, especially for largescale finite element models. Recently, a PROM method that employs a fixed projection basis was introduced to avoid the eigenanalysis for each variation while retaining good accuracy. The fixed basis is comprised of a combination of selected mode sets of the full model calculated at only a few sampling points in the parameter space. However, the preparation for the basis may still be cumbersome, and the simulation cost and the model size increase rapidly as the number of parameters increases. In this work, a component-based approach is taken to improve the efficiency and effectiveness of the PROM technique. In particular, a component mode synthesis method is employed so that the parameter changes are captured at the substructure level and the analysis procedure is accelerated. Numerical results are presented for two example problems, a design optimization of a pickup truck and a probabilistic analysis of a simple L-shaped plate. It is shown that the new component-based approach significantly improves the efficiency of the PROM technique.