The authors examined both experimental and numerical studies on the structural response of high-performance fiber-reinforced cement composite (HPFRCC) panels with a matrix strength of 180 MPa and a high fiber content from 1.0 to 3.0% subjected to projectile impact. The failure mechanism, such as penetration and scabbing, of HPFRCC panels was experimentally investigated according to volume fractions, the thickness of specimens, and impact velocities. The effect of fiber volume fraction and thickness on the compressive and tensile performance of HPFRCCs was also assessed through a comparison with empirical equations. In addition, a finite element model was established by using LS-DYNA to predict the impact behavior of the panels with calibration of a concrete material model based on previous experimental data. The numerical simulations of HPFRCC panels subjected to impact were verified through comparisons with the experimental results. Based on the verified FE model, a parametric study was also conducted and discussed to better understand the mechanical characteristics of HPFRCC panels under impact loading.