Steel Plate Shear Walls (SPSWs) have proven to be efficient lateral force-resisting systems. SPSWs utilize the post-yielding strength of the unstiffened web plates, which makes the system economically viable. ANSI/AISC 341-10 suggests the value of response modification factor for SPSWs to be 7, which is based on judgment and qualitative comparisons with response capabilities of previously well-studied systems. This study is focused on the evaluation of the seismic performance factors for SPSW systems through the collapse analysis in accordance with FEMA P695 recommendations. Three-and six-story SPSWs are considered in the study. Aspect ratio of the web plates is varied to obtain the archetypes. Numerical models of the study frames are developed and analyzed using a computer software OpenSees. The modelling technique is validated by comparing the predicted hysteretic response with the past experimental results. Both nonlinear static and dynamic analyses are conducted for the study frames. The results of the collapse analysis are presented and the values of seismic performance factors given in ANSI/AISC 341-10 are verified. Collapse mechanisms of the models for each ground motion are identified and a probability analysis is carried out to identify the most probable mechanisms. Further, suggestions are provided to avoid unnecessary over-strengthening and to ensure adequate collapse margin ratio.