Based on Winkler foundation model and indirect adjustment theory, this paper proposed a fitting model to reconstruct the deflection curve for the structural performance evaluation of the buried pipeline by using multi-point subsidence measurements.According to error propagation theory, the precision of the derived deflection and the stress of the pipeline structure were investigated.Two analytical examples of the pipelines under a concentrated load and a uniformly distributed load were given, which demonstrate that the proposed model has achieved greater accuracy in the estimation of pipeline deflection and stress by comparing with the conventional polynomial model.Combined with the application to a practical project regarding a buried gas pipeline in the vicinity of the construction site of a high-rise building, the effectiveness of the fitting model in the stress analysis and safety evaluation of buried pipeline was verified as well.