Steel plate shear walls with combinations of shear panels, boundary elements, and beam-to-column connections are able to absorb and dissipate incoming seismic energy through the different yielding mechanism of the shear panels. Perforated shear panels have been introduced as a viable alternative inmany structural applications. The cyclic performance of perforated shear panels on the failure modes in the boundary components of three-story shear walls with two different types of beam-to-column connections (shear and moment resisting) is numerically studied in this study. To achieve the main goals, several experimental recent activities are simulated and validated using the finite element method by ABAQUS. Therefore, two types of perforated shear panels, one of which was perforated according to recent experimental suggestions subjected to cyclic loading, are selected. The numerical results of the computational specimens are compared in terms of maximum shear strength, initial stiffness, failure modes, and energy-dissipating capacity. Finally, the perforated shear panel which has reduced the failure modes of the boundary components of steel shear walls is suggested.