The permalloy sheet, as the dominant shielding functional material, mainly determines static and low frequency shielding performance of magnetically shielded room (MSR). However, lack of measurement of shielding sheet in practical use would lead to the nonnegligible evaluation error for MSR performance. Therefore, an estimation technique of shielding factor (SF) and the remanence of MSR is proposed in this paper with the consideration of the nonlinear magnetic characteristics of the permalloy sheet tested by single sheet tester for low frequency field and degaussing situation(L-D-SST). First, a high-accuracy measurement system, composed of L-D-SST (for exciting magnetic field and sensing the corresponding B and H) and the control system (for applying excitation to L-D-SST and amplifying, filtering and collecting B and H signal), is established. The weak magnetic fields of low frequencies and decaying alternating demagnetizing field excitations are separately applied to L-D-SST for basic magnetization curves (BM curves) and anhysteretic magnetization curve (AM curve) test. Furthermore, the BM and AM curves are respectively integrated with FEM algorithm for the accurate and reliable estimation of the SF and remanence of MSR in operation state. In addition, the tested magnetic properties are applied to the optimization of MSR shielding quality.