Light steel keel fireproof exterior walls are one of the new composite walls that have been widely used in recent years. This paper analyzes the factors affecting the displacements of the connectors and wall panels and modifies the corresponding displacement model. ABAQUS was used to establish the simulation analysis of the L-shaped and special-shaped steel angle component, and the results were compared with the experimental model to verify the rationality. The effect of vertical keel spacing and layout, the number of special-shaped steel angles, the L-shaped steel angle thickness, and the number of self-tapping screws for L-shaped steel angles to steel beams were explored based on the validated finite element model. The calculation model was modified based on the results of the simulation. The results showed that the simulation results fit well with the experimental results, which verified the reliability of the finite element model. The number of connectors and the number of self-tapping screws are the main factors affecting the special-shaped and L-shaped steel angle components, respectively. By modifying the rotation constraint factor of the L-shaped steel angle and adding a discount factor for the wall panel, the accuracy of the associated displacement calculation model could be improved.