A simplified method for the dynamic reliability analysis of passive energy dissipation devices (oil dampers) subjected to seismic excitations is proposed. Firstly, the equivalent performance function of dynamic reliability of passive energy dissipation devices, according to the extreme value distribution description, is established based on the first passage criterion, and the safety margin is defined for the dynamic response of passive energy dissipation devices. Then, the point estimate method (PEM) is suggested for calculating statistical moments of the safety margin, and the failure probability of passive energy dissipation devices is evaluated by the fourth-moment method. At last, the dynamic reliability analysis of the oil damper installed in a steel building, subjected to the seismic excitation is investigated to verify the rationality and applicability of the suggested method.