Foundation models and their checkpoints have significantly advanced deep learning, boosting performance across various applications. However, fine-tuned models often struggle outside their specific domains and exhibit considerable redundancy. Recent studies suggest that combining a pruned fine-tuned model with the original pre-trained model can mitigate forgetting, reduce interference when merging model parameters across tasks, and improve compression efficiency. In this context, developing an effective pruning strategy for fine-tuned models is crucial. Leveraging the advantages of the task vector mechanism, we preprocess fine-tuned models by calculating the differences between them and the original model. Recognizing that different task vector subspaces contribute variably to model performance, we introduce a novel method called **N**eural **P**arameter **S**earch (**NPS**) for slimming down fine-tuned models. This method enhances pruning efficiency by searching through neural parameters of task vectors within low-rank subspaces. Our method has three key applications: enhancing knowledge transfer through pairwise model interpolation, facilitating effective knowledge fusion via model merging, and enabling the deployment of compressed models that retain near-original performance while significantly reducing storage costs. Extensive experiments across vision, NLP, and multi-modal benchmarks demonstrate the effectiveness and robustness of our approach, resulting in substantial performance gains.