The attenuation of the structure-borne sound caused by elevator systems in residential buildings is a priority for manufacturers. This work develops a model of an active control isolation system for the vibrations produced by the elevator drive machine. This solution proposes the substitution of conventional passive isolators by new ones made of a magnetorheological elastomer (MRE), a smart material whose modulus can be modified by applying a magnetic field. To guide the design process, MRE isolators are fabricated and experimentally tested statically and dynamically in compression mode. Subsequently, the parameters of the MRE are fitted to build a nonlinear material sub-model that accounts for the frequency, amplitude, and magnetic field dependency. Afterward, a global model of the elevator drive machine vibration isolation system is developed, which incorporates the drive machine, structure, and MRE-based isolator. To enhance vibration isolation, two active control strategies are designed and assessed. Simulation results predict that active control systems based on MRE isolators improve vibration isolation as compared to traditional passive systems. The excitation amplitude and frequency, along with the control strategy and magnetization of the MRE isolators are shown to be critical parameters when designing an active control solution.