There is a changing trend of attenuation exponential summation in a great capacity of electromagnetic response data in the research of time domain aviation electromagnetic exploration. According to the changing situation, characteristic parameters as poles are extracted from response data by matrix pencil method, and then the response data are dealt with reducing rank and reconstruction. Algorithm analysis and practical testing result prove that better reconstruction precision by matrix pencil method is presented in the condition of non-noise interference, and adding noise interference,a little fluctuaton of precision emerges with in a big variable extent of signal to noise rate which reflect the abilits of resisting noise and stable performance. Therefore, the proposed matrix pencil method is applicable to the analysis of aviation electromagnetic response data.