Rigid-perfectly plastic (R-PP) models are widely employed in the study of structural impact dynamics. However, due to the complexity of dynamic elastic-plastic behavior and the limitations of numerical simulation, it is of great significance to evaluate the elastic effect on the structural response to pulse loading. This paper examines the validity of the R-PP theoretical solutions on large deflection of pulse-loaded square plates. First, by exploring the characteristic of “plastic membrane” and considering the effect of membrane forces and bending moments on energy dissipation, an energy ratio R and a characteristic time ratio are precisely defined. Then based on the R-PP complete solutions recently developed for square plates under rectangular pressure pulse, the discrepancies in final deflection and in saturated impulse between the R-PP theoretical predictions and the elastic-perfectly plastic (E-PP) simulation results are evaluated and elaborated. It is revealed that the discrepancy in final deflection is dependent on the dimensionless stiffness ζplate and the dimensionless pulse magnitude λ. Moreover, the discrepancies in final deflection are compared between square plates and beams via a thorough analysis of key parameters, indicating that most characteristics of the elastic effect are similar for both cases, i.e., the R-PP solutions for both square plates and beams can reliably provide theoretical predictions for engineering applications if energy ratios R>5, with no limitation on the pulse duration. With the same geometric and material parameters, however, the energy ratio R of square plates is about twice that of beams, the discrepancy in final deflection of plates is larger than that of beams, but the absolute value of the discrepancy in final deflection for the clamped square plates remains in the order of 1/(1.5R) and can be bounded by 1/[4λ(λ-1)].