A finite element model for setting drilling conditions is established. The effect of feed speed and spindle speed on the drilling process was studied. In the test phase, drilling tests were conducted using three different feed speeds (60, 100, and 140 mm/min) and three different spindle speeds (800, 1000, and 1200 rpm). The correctness of the finite element model was verified by comparing the experimental and numerical simulation data. The results show that the axial force and torque increase significantly with the increase of feed speed, while the axial force and torque increase less as the spindle speed increases. The numerical simulation results show that the temperature of the cutting edge increases as the feed speed increases. Increasing the rotating speed increases the formation of chip curl. When the working conditions are high rotating speed and low feed, the tool wear is reduced, and the machining quality is better. The numerical simulation results obtained for the chip forming effect are similar to the experimental data. In addition, the simulation results show the generation of burrs. A comparison of the finite element simulation and experimental data leads to an in-depth understanding of the drilling process and ability to optimize subsequent drilling parameters, which provide reliable process parameters and technical guarantees for the successful implementation of drilling technology for space suspended ball structures.