The increasing penetration of renewables into modern power systems is bringing new oscillatory stability concerns. It is of significance to find all oscillatory modes concerned and evaluate components' participation into each mode, especially the dominant one. To address this issue, a frequency-domain modal analysis method is developed in this paper. It represents the target system with a networked impedance model and works out the oscillatory modes by locating the zeros of the determinant of the loop impedance matrix or nodal admittance matrix. Loop/nodal participation factors, branch observability, and component sensitivity are derived to give insight into the oscillation, including its origin, oscillation path, and contributive components. The proposed method has been conducted on a simple passive circuit and a practical wind power system that experienced actual subsynchronous resonance incidents. Theoretical results as well as electromagnetic transient simulations have verified its effectiveness. The proposed method has the potential to analyze very large power systems with high penetration of renewables.