For turbomachinery working in wet-gas conditions, liquid-phase fluid may worsen the rotordynamic characteristic of an annular seal, which induces a subsynchronous vibration problem and destabilizes the rotor-bearing system. The hole-pattern seal, demonstrated as effective to eliminate synchronous or subsynchronous vibrations for gas turbomachinery, is an ideal seal scheme to increase rotor stability and liquid tolerance capability of wet-gas turbomachinery. In this paper, the leakage and rotordynamic characteristics of a hole-pattern seal are numerically investigated under wet-gas conditions, using a three-dimensional transient CFD-based perturbation method. The accuracy and reliability of the present numerical method are demonstrated based on published experimental data. The rotordynamic force coefficients are presented and compared for the wet-gas hole-pattern seal with various inlet liquid volume fractions (LVF = 0%–20%), rotor speeds ( = 0–20 krpm), inlet preswirl ratios ( = −0.2–0.5), and pressure ratios ( = 0.3–0.7). Numerical results show that the hole-pattern seal possesses desired tolerance capability for high inlet liquid volume fraction (LVF) of up to 20%. With inlet LVF increasing from 0 to 20%, the effective damping of the hole-pattern seal increases by about 50%, suggesting an improvement in rotor stability. The leakage flow rate of the oil-air mixture increases by 97.5%, combined with the sharply increasing oil leakage flow rate (by 636%) and decreasing air leakage flow rate (by 40%). The increasing rotor speed and inlet preswirl ratio both result in an obvious increase (by 50%) in the cross-coupled stiffness, yielding a smaller effective damping and worse rotor stability. With the increase in pressure ratio, all the rotordynamic force coefficients show a weaker frequency dependency and smaller magnitudes. The swirl velocity in the seal clearance can cause an accumulation of the liquid component in the hole cavities. With the increase of swirl velocity, more liquid component accumulates in the hole cavities, and the main accumulation position gradually moves upstream.