Although the steel slit dampers commonly utilized for aseismic design approach can dissipate considerable energy created by the yielding of base materials, large residual deformation may happen in the entire frame structure. After strong external excitation, repair costs will be incurred in restoring a structure to its original condition and to replace broken components. For this reason, alternative recentering devices characterized by smart structures, which mitigate the damage for such steel energy dissipation slit dampers, are developed in this study. These devices, feasibly functioning as seismic restrainers, can be improved by implementing superelastic shape memory alloy (SMA) bending bars in a parallel motion with the steel energy-dissipating damper. The bending bars fabricated with superelastic SMAs provide self-centering forces upon unloading, and accordingly contribute to reducing permanent deformation in the integrated slit damper system. The steel slit dampers combined with the superelastic SMA bending bars are evaluated with respect to inelastic behavior as simulated by refined finite element (FE) analyses. The FE slit damper models subjected to cyclic loads are calibrated to existing test results in an effort to predict behavior accurately. The responses of the proposed slit damper systems are compared to those of the conventionally used slit damper systems. From the analysis results, it is concluded that innovative steel slit dampers combined with superelastic SMA bending bars generate remarkable performance improvements in terms of post-yield strength, energy dissipation, and recentering capability.