A finite element model of a water lubricated rubber bearings system is established by using ABAQUS software. A complex eigenvalue analysis of the bearings system is performed. The occurrence propensity of noise is evaluated on the basis of positive and negative of the real parts of eigenvalues. If there are one or more positive real parts, the system is considered to have the propensity of noise occurrence. In the ABAQUS approach, the direct contact coupling at the shaft/bearing interface is applied to obtaining normal contact forces and there is no need to introduce contact springs at the interface. The approach is easily used to establish a non-flat sliding contact model for noise. By using the ABAQUS finite element model, effects of the friction coefficient, the properties of rubber material and the thickness of rubber are studied. The results show that the friction coefficient, the properties of rubber material and the thickness of rubber have distinct effects on the occurrence of noise.