A composite structure, such as a laminated composite panel, for example, comprises one or more layers or “plies” embedded in a matrix material or otherwise fixed together in an arrangement, commonly referred to as a “stack up.” Each material in the structure has a corresponding material failure model (MFM) defining the physical characteristics of that material. A ballistic threshold velocity computing device obtains the MFMs for each material in the composite structure, generates a predicted ballistic velocity threshold velocity for each MFM, and then generates a parametric model to compute a composite ballistic velocity threshold velocity for the composite structure.