Maglev vehicles, which are levitated and propelled by electromagnets, often run on elevated guideways comprised of steel, aluminum and concrete. Therefore, an analysis of the dynamic interaction between the Maglev vehicle and the guideway is needed in the design of the critical speed, ride, controller design and weight reduction of the guideway. This study introduces a dynamic interaction simulation technique that applies FEM. The proposed method uses FEM to model the elevated guideway and the Maglev vehicle, which is different from conventional studies. Because the proposed method uses FEM, it is useful to calculate the deformation of the elevated guideway, the dynamic stress, and the motion of the vehicle. By applying the proposed method to an urban transit Maglev vehicle, UTM01, the dynamic response is simulated according to velocity increase and can be reviewed again. From the result of the study, we concluded that FEM simulation of the dynamic interaction between the maglev vehicle and the guideway is possible.