The finite-element simulation models of the discrete rod and the projectile impacting on the aircraft panel structure at high velocity are established according to some experiment projects. Based on the explicit dynamic finite-element program, the forming of impact damage in the panel structure is simulated. Through comparing the simulation results of damage pattern and size in the panel to the experiment results, the reliability of the Johnson-cook material models and Gruneison equations of state and Eroding contact algorithm used in the simulations is testified.