In the last few decades, several full-scale tests have been performed to study the behavior of Ultra High-Performance Fiber Reinforced Concrete (UHPFRC). However, only limited research has been devoted to simulate performance of UHPFRC subjected to special load and impact, such as high-velocity impact. Accurate modeling and simulation of the UHPFRC panel subjected to high velocity impact is a big challenge involving costly experimental characterization of material and verification of ballistic impact response with actual test data. This article investigates the dynamic behavior of UHPFRC panel against multiple bullet impacts using the Holmquist-Johnson-Cook damage model incorporating both the damage and residual material strength. The projectile used in this study is chosen with high-speed and low-weight like the fragments which can be formed by industrial accidents or in an explosion. The kinetic and internal energies of the UHPFRC panel are also evaluated. The analysis results are compared to the High Strength Concrete (HSC) in terms of capability to absorb energy and reduce the damage on target panel.