A stochastic vulnerability analysis method for armored vehicles with APS was proposed. A two-processes threat-target interaction, including an interception process and a damage process, replaced the one-process of threat-target interaction in the traditional vulnerability method. Depending on the vulnerability results of the incoming threat, various residues-after-interception because of detection or interception failure, deflection, explosion and/or decomposition of the threat and collateral damage was generated and treated as input in the damage process. After randomization of the interception point, the residual penetrator deflection, warhead performance, behind armor debris, and component vulnerability characterization, a stochastic vulnerability analysis was performed. The stochastic model could provide damage states of all the critical components of interest, more practical and informative compared to the expected model.