Analytical and finite element models are developed for investigating the modal characteristics of a hyperelastic rubber latex membrane for micro air vehicle wings applications. A radially prestretched membrane specimen is attached to a thin, rigid circular ring and vibrated in vacuum and in air at atmospheric pressure. The natural frequencies of the membrane computed by analytical and finite element models are correlated well. The natural frequencies increase with mode and prestretch level of the membrane but decrease in air from those in vacuum due to the effect of added mass of air. The damping is low and has a very minimal effect on the frequencies but helps to reduce the amplitude of vibration. Aerodynamic pressure at different angles of attack and a freestream velocity is computed from the wind tunnel test data, and a finite element model is developed for investigating the effect of the aerodynamic pressure on the modal characteristics of the membrane. It is found that the effect of aerodynamic pressure on the natural frequencies of the membrane is not significant.