The vibration of the rotor blades inevitably occur due to the nature of the rotating system. Therefore, the aeroelastic analysis is required to analyze the vibration characteristics of the rotor blade and develop novel technology for reducing vibratory loads. As the demand for aeroelastic analysis increases, the domestic and international studies in this field have been conducted. In this study, we developed an aeroelastic analysis code for the rotor system by combining a nonlinear vortex lattice method for aerodynamic model and geometrically exact beam theory for structural model. For solver validation, two rotor blades operating hover flight conditions, Sharpe and BO-105 rotor blades, are considered. The aeroelastic analysis is conducted to predict the aerodynamic performance and aeroelastic stability, and investigate the effects of the rotor blade's structural deformation on the evolving wake geometry. By comparing the predicted values with results from other previous studies, we performed the validation of the analysis tool. The validation results showed that the aeroelastic analysis code developed in this study can provide reasonable results considering the aerodynamic-structural interaction.