For better clarifying the influence of processing factors on the forming quality of the direct powder rolling (DPR) process, finite element simulation based on the modified Drucker–Prager/Cap (DPC) model was established and the key physical parameters of the powder were confirmed by experimental measurements. Subsequently, the effect of the main factors in the DPR process, viz., powder gradation, rolling speed and rolling gap, on the density and morphology of a green sheet were discussed by using an orthogonal experiment design followed by experimental verification. The influence of DPR parameters on the density of the green sheet is examined by a range analysis, which can reflect the sensitivity of influencing factors to the forming quality of the green sheet. The larger the range value is, the more sensitive the influencing factor is. This suggests that the quality of the green sheet is mainly influenced by particle gradation. The results show that the density of the resulting DPR green sheet with optimal parameters is mainly 7.5~8.0 g/cm3, reaches 80% of the theoretical density, and the mechanical strength can also afford the transferring process of the green sheet for the next sintering craft. The methods for modeling, obtaining physical parameters and the numerical simulation results can be used to guide rapid formation of the metal sheet by using direct powder rolling craft.