A novel fluid-solid interaction (FSI) model was developed to evaluate load carrying capacity (LCC) and frictional power loss for gas-lubricated, compliant surface radial foil thrust bearings. The FSI model consists of coupled hydrodynamic and static structure analysis model. The hydrodynamic model received pressure distribution and film thickness onto the deformed thrust bearing surface. Then the hydrodynamic analysis code solved compressible Reynolds equation using finite element method to obtain iterative solution of periodic pressure distribution. The hydrodynamic analysis model was verified by comparing the solution with those obtained by computational fluid dynamics package in the rigid bearing surface. The structural analysis was conducted with commercial finite element analysis package considering the present state-of-the-art techniques used in foil bearing analysis. The analysis model in this research was compared with previous experimental data and correlations taken at a fixed film thickness and a rigid bearing. Then the correlations were modified in order to express the LCC and the power loss considering the periodic pressure distribution and the deformation of the top foil.