An internal state variable (ISV)-based constitutive model has been used within a Lagrangian finite element analysis (FEA) framework to simulate ballistic impact of monolithic rolled homogenous armor (RHA) steel plates by RHA steel spheres and cylinders. The ISV model predictions demonstrate good agreement with experimental impact data for spherical projectiles. A simulation-based parametric sensitivity study was performed to determine the influence of a variety of microstructural and mechanical properties on ballistic performance. The sensitivity analysis shows that the lattice hydrogen concentration, material hardness, and initial void volume fraction are dominant factors influencing ballistic performance. Finite element simulations show that variation of microstructure properties could explain the reduced ballistic performance of high hardness materials previously documented in the literature. The FEA framework presented in this work can be used to determine material properties conducive to ballistic-impact resistance.