Powder metallurgy is a widely used manufacturing methodology in the gearbox industry. Noise and vibration is a common cause for concern in the gearbox industry due to the continuous contact between gear teeth at high rotational frequencies. Despite this, limited research has been performed investigating the modal properties of powder metal products. This work investigates the damping ratios of a copper-infiltrated steel powder metal ring and a hot-rolled steel ring both experimentally and computationally. Negligible difference was observed between the damping ratios of the powder metal and hot-rolled steel rings. Two proportional damping models were investigated to predict the damping ratios of the powder metal ring. It was found that the Caughey damping model was the most accurate, generating damping ratios within 2.36% for a frequency bandwidth of up to 4000 Hz. These findings allow researchers and engineers to accurately model the damping properties of powder metal products to optimize the powder metal manufacturing process to minimize noise and vibration.