A stochastic equivalent linearization technique combined with a ground response spectrum approach is proposed to approximate the inelastic response of base-isolated structures. These structures are modeled by nonlinear oscillators with a single degree of freedom. The main advantage of the proposed methodology is the fast calculation of approximate results in comparison with the slow, but more accurate time history analyses. The Bouc-Wen constitutive model is used to represent the inelastic behavior of the isolators. The equations of motion are linearized by an iterative stochastic technique involving the a-priori unknown response statistics. At each iteration step, the modal contributions from one real and one pair of complex conjugate modes are combined by a response spectrum approach to obtain the maximum responses of interest. The process requires the use of conventional spectra (pseudo-acceleration and relative velocity) as well as the relative displacement spectrum of a massless oscillator. Floor response spectrum results above the isolators are calculated by the proposed approach and are compared against the results obtained by a simulation involving time history analyses.