In this paper, a dynamic model of a seven-joints manipulator operated in a zero-g simulation system is established. The errors of the friction, the suspension force, and the flexible deformation of arms are considered. Furthermore, the unloading ratio, which can evaluate the performance of the simulation system, is presented. It can reflect the level of similarity between the system and the space environment directly and effectively. The results of experimental and theoretical analyses verify the correctness of the model. It helps us to get the joint torques when the actual space manipulator without the torque sensor operates in this system and guarantees the safety of the experiments.