This paper suggests a 3D finite element method based on the modal theory in order to analyse linear periodically time-varying systems. Presentation of the method is given through the particular case of asymmetric rotating machines. First, Hill governing equations of asymmetric rotating oscillators with two degrees of freedom are investigated. These differential equations with periodic coefficients are solved with classic Floquet theory leading to parametric quasimodes. These mathematical entities are found to have the same fundamental properties as classic eigenmodes, but contain several harmonics possibly responsible for parametric instabilities. Extension to the vibration analysis (stability, frequency spectrum) of asymmetric rotating machines with multiple degrees of freedom is achieved with a fully 3D finite element model including stator and rotor coupling. Due to Hill expansion, the usual degrees of freedom are duplicated and associated with the relevant harmonic of the Floquet solutions in the frequency domain. Parametric quasimodes as well as steady-state response of the whole system are ingeniously computed with a component-mode synthesis method. Finally, experimental investigations are performed on a test rig composed of an asymmetric rotor running on nonisotropic supports. Numerical and experimental results are compared to highlight the potential of the numerical method.