A finite element hydroelastic analysis formulation is developed on the basis of Toupin's complementary variational principle. Emphasis is placed on the special case of an incompressible fluid model which is applicable to propellant tank hydroelastic analysis. A concise fluid inertia representation results from the assumption of incompressibility and the hydroelastic equations reduce to a simplified form associated with the structure alone. The efficiency of the incompressible hydroelastic formulation in unhanced for both fluid and structure by introduction of harmonic reduction as an alternative to Guyan reduction. The theoretical developments are implemented in the NASTRAN Program and the technique is verified and demonstrated as an efficient and accurate approach with a series of illustrative problems including the 1/8 scale space shuttle external tank