Parameter-Efficient Fine-Tuning (PEFT) is a fundamental research problem in computer vision, which aims to tune a few of parameters for efficient storage and adaptation of pre-trained vision models. Recently, sensitivity-aware parameter efficient fine-tuning method (SPT) addresses this problem by identifying sensitive parameters and then leveraging its sparse characteristic to combine unstructured and structured tuning for PEFT. However, existing methods only focus on sparse characteristic of sensitive parameters but overlook its distribution characteristic, which results in additional storage burden and limited performance improvement. In this paper, we find that the distribution of sensitive parameters is not chaotic, but concentrates in a small number of rows or columns in each parameter matrix. Inspired by this fact, we propose a Compact Dynamic-Rank Adaptation-based tuning method for Sensitivity-aware Parameter efficient fine-Tuning, called CDRA-SPT. Specifically, we first identify the sensitive parameters that require tuning for each downstream task. Then, we reorganize the sensitive parameters by following its row and column into a compact sub-parameter matrix. Finally, a dynamic-rank adaptation is designed and applied at sub-parameter matrix level for PEFT. Its advantage is that the dynamic-rank characteristic of sub-parameter matrix can be fully exploited for PEFT. Extensive experiments show that our method achieves superior performance over previous state-of-the-art methods.