The aerodynamic performance analysis of Formula Student racecars has been mostly done by teams with CFD tools, for time and cost savings, that often lack proper validation. To address this, the FST Lisboa team performed a detailed wind tunnel (WT) test campaign, using a one-third scale model, under different configurations, including variable ride heights, bullhorn appendix, and rear wing flap settings, also replicated in CFD. The simulations used RANS with the SST k-omega turbulence model, with a 13.7 million polyhedral mesh for the test chamber region domain. Both experimental and numerical errors were estimated from the instrumentation and mesh convergence analysis, respectively. Comparisons were made between WT and CFD both in terms of local flow, using tufts for flow visualization, and global flow, using lift, drag, and pitching moment coefficients. Overall, the numerical streamlines agreed very well with the orientations of the tufts in experiments, but some discrepancies were found in regions of cross-flow and high-frequency unsteadiness, mainly caused by limitations of the visualization technique. The gamma transition model in CFD was abandoned as it could not replicate the WT observations. In terms of aerodynamic coefficients, a strong correlation was found between WT and CFD. The parametric studies revealed that the simulations captured the experimental sensitivity to each car setting parameter studied but the uncertainties did not enable a full quantitative evaluation of the aerodynamic performance. The drag reduction system significantly impacted the aerodynamic balance of the racecar, while the current bullhorn design proved to be ineffective. The ride height increase led to higher downforce, mostly due to the higher pitch angle of the vehicle, with negligible variation of the aerodynamic balance. This work validated the team CFD studies, building confidence in that trends estimated in numerical parametric studies are likely to be translated to the real prototype performance.