Dielectric elastomer generators (DEGs) provide a new solution for vibrational energy harvesting. Currently, a type of impact-based DEGs, which can harvest energy from ambient vibrations, has been proposed and studied through simulations. However, the energy conversion mechanism and the performance evaluation approach of such impact-based DEGs have not been fully studied yet, thus limiting the reliability of the research on the system design/optimization and performance evaluation. In this paper, a single-sided impact (SSI) model is proposed to reveal the impact-based energy conversion mechanism. Based on this model, a complete four-stage impact process is analyzed to reveal the energy conversion mechanism, and the electrical outputs and energy conversion efficiency are derived as the energy harvesting performance evaluation indexes. To use the developed analytical model to predict the system electrical response accurately, some important parameters including the coefficient of restitution (COR) and largest deflection of the membrane at impacts were obtained experimentally, and the system output voltages at impacts were measured to verify the theoretical approaches in calculating the system electrical outputs and studying the parameters' influences. Furthermore, the influences of the pre-stretched ratio, impact velocity, and input voltage on the system energy harvesting performance are studied through simulations. The research results can provide guidelines to improve the energy harvesting performance of the impact-based DEGs in real applications.