We present an approach for efficiently simulating strongly damped quantum systems subjected to periodic driving, employing a periodic matrix product operator representation of the influence functional. This representation enables the construction of a numerically exact Floquet propagator that captures the non-Markovian open system dynamics, thus providing a dissipative analog to the Floquet Hamiltonian of driven isolated quantum systems. We apply this method to study the asymptotic heating of a reservoir in spin-boson models, characterizing the deviation from equilibrium conditions. Moreover, we show how a local driving of two qubits can be utilized to stabilize a transient entanglement buildup of the qubits originating from the interaction with a common environment. Our results make it possible to directly study both stationary and transient dynamics of strongly damped and driven quantum systems within a transparent theoretical and numerical framework.