Thin perforated Steel Plate Shear (SPS) Walls are among the most common types of energy dissipating systems. The applied holes reduce the shear strength of the plate and allow to decrease the profile size of the members at the boundary of the panel when these systems are used in the typical design of structures. On the other hand, the different fracture locations of these panels are visible when considering the different perforation patterns. This paper reports on the results obtained from the experimental study under cyclic loading of the effect of different hole patterns on the seismic response of the systems and the location of the fracture. According to this, two perforated specimens by different patterns were considered. In addition, a plate without holes for a better comparison of the fracture location was chosen. The results showed that changing the pattern of the holes causes a change in the fracture location. Moreover, in perforated specimens, the amount of shear strength did not reduce suddenly after the fracture phenomenon. In the specimen which was perforated around the web plate, the pinching force was more than any other in the low cycle of the drifts. For this reason, the energy dissipation and initial stiffness were more than up to 3% drift. The experimental specimens were then simulated with a Finite Element (FE) method using the ABAQUS. Finally, a parametric FE analysis on different series of perforated panels, by changing the diameter of the holes and the plate thickness, has been carried out.