To enhance the seismic performance and post-earthquake reparability of traditional eccentrically braced frame structures, this study proposes a two-segment replaceable links with separated splicing plate: one featuring specimens with standard holes in the separated splicing plate (TSRL1), and the other featuring specimens with slotted holes in the separated splicing plate (TSRL2). Through cyclic loading tests, it was observed that the hysteresis curves of the links exhibited a relatively complete response, characterized by plastic rotations of 0.09 rad and 0.17 rad respectively. The overstrength coefficient ranged from 1.66 to 2.08, indicating commendable performance in terms of both overstrength and plastic deformation capacity. Subsequently, finite element simulations of the link were conducted using ABAQUS. Based on the congruity between simulation and test results, a parametric analysis was performed to determine the optimal seismic performance of the two-segment replaceable links with separated splicing plate by varying the length of the energy dissipation zone and hole type of the bolts.