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We devise a novel formulation and propose the concept of modal participation factors to nonlinear dynamical systems. The original definition of modal participation factors (or simply participation factors) provides a simple yet effective metric. It finds use in theory and practice, quantifying the interplay between states and modes of oscillation in a linear time-invariant (LTI) system. In this paper, with the Koopman operator framework, we present the results of participation factors for nonlinear dynamical systems with an asymptotically stable equilibrium point or limit cycle. We show that participation factors are defined for the entire domain of attraction, beyond the vicinity of an attractor, where the original definition of participation factors for LTI systems is a special case. Finally, we develop a numerical method to estimate participation factors using time series data from the underlying nonlinear dynamical system. The numerical method can be implemented by leveraging a well-established numerical scheme in the Koopman operator framework called dynamic mode decomposition.