The friction torque of rolling bearings belongs to an information poor system with unknown probability distributions and trends. This counteracts dynamical assessment for the characteristics of the rolling bearing friction torque as a time series. For this reason, the chaos theory is employed to recover the original dynamic characteristics of a friction torque time series by means of the phase space reconstruction theory. The dynamical Bayesian probability density function of the characteristic parameters of the friction torque is constructed by the information poor theory based on the phase space. The method for point estimation, interval estimation, and trend estimation of the characteristic parameters is proposed in this paper. The investigation shows that the error between the calculated result and the experimental result is very small.