Numerical parametric study is performed to investigate ballistic impact performance of a novel fiber metal laminate (FML) based on ultra-high molecular weight polyethylene (UHMWPE) fiber composite and aluminum 2024-T3 layers. A finite element modeling is developed and validated with experimental tests. A user-defined material subroutine based on continuum damage mechanics is used to define damage constitutive model of UHMWPE composite. High velocity impact simulations shows similar modes of failure to that observed in experiments. The effect of various parameters such as metal thickness, composite core thickness, metal volume fraction (MVF), and lay-up sequence on ballistic limit velocity, absorbed energy and specific perforation energy (SPE) of samples has been investigated. The results show that increasing the number of composite layers increases the SPE while increasing the thickness of metal layers decreases the SPE. Although, as the core thickness increases, the growth of SPE decreases. Changes in the lay-up sequence do not have much effect on ballistic velocity and absorbed energy. Whereas, the MVF is an important parameter in the high velocity impact performance of the PERALL specimens. In addition, with equal MVF, stacking sequence change has no significant effect on the ballistic limit velocity. Finally, a simple linear equation is suggested to describe the relationship between MVF and specific perforation energy.