A perturbation method is developed to predict stability of parametrically excited dynamic systems containing multiple perturbation parameters. This method, based on the Floquet theorem and the method of successive approximations, results in a nonlinear matrix eigenvalue problem whose eigenvalues are used to predict the system stability. The method is applied to a classical circular plate, containing elastic or viscoelastic inclusions, excited by a linear transverse spring rotating at constant speed. Primary and secondary resonances are predicted. The transition to instability predicted by the perturbation analysis agrees with predictions obtained by numerical integration of the equations of motion.