A perfobond strip is a shear connector comprising a flat steel plate with a number of holes punched through it. Concrete flows through the holes forming dowels that act as shear keys, providing resistance in both vertical and horizontal directions. This connector was proposed by Leonhardt in Germany, and the composite effect of steel and concrete is very high due to the shearing resistance of the concrete in the holes. In addition, it is recognized as having high fatigue strength. It is widely used as a validated shear connector in various steel-concrete hybrid civil engineering structures, since it has high shear resistance and fatigue strength, and it has better constructability than other types of shear connectors such as headed stud shear connectors. Strength evaluation formulas for the design of these shear connectors have been proposed by various investigators around the world. A design formula was specified in the JSCE (Japan Society of Civil Engineers) Standard Specification for Hybrid Structures in 2009. In view of their excellent features, they are expected to be increasingly applied to connections in building structures. However, these connections are much smaller than those in civil engineering structures, so there is a need for a strength formula that accurately evaluates their force transfer mechanism, such as their restraint stress. This paper proposes a modified formulation for ultimate shear strength considering the restraint stress of concrete in these connections, based on the new author's proposed formulations for ultimate and residual stresses under restraint stress to the contact surface under friction and the bonding behaviors of various contact surfaces between steel and concrete. This formulation provides ultimate shear strength by multiplying shear cracking strength by the ratio of ultimate shear strength to shear cracking strength, considering the effect of restraining concrete around the steel plate hole by reinforced concrete cover and penetrating rebar. This formulation includes a new effective area of restraint part and an effective width of RC-cover part. Predictions from the proposed formulation almost agree with test results.