A direct finite element microstructure model for prediction of the deformation behavior of semisolid metallic alloys is presented. The 2D model geometry is based on a modified Voronoi tessellation, and includes rounded corners to approximate an equiaxed-globular grain structure, liquid surrounding the grains, and micro porosity. An elasto-plastic empirical constitutive equation is derived for the solid grains, while the liquid is approximated as a perfectly plastic material with a very low yield stress. The resulting three-phase model was used to investigate the effects of fraction solid, porosity, and grain size on the constitutive behavior of a semi-solid aluminum alloy, AA5182. The model predictions were validated against experimental data at high fraction solid. These simulations reveal a strong correlation between semi-solid grain size and yield stress, and between porosity and strain localization. The application of direct finite element simulations is shown to be an effective technique for examining the effects of microstructure phenomena on the macro constitutive behavior of semi-solid materials.