This paper presents the behavior of composite panels based on glass fiber unidirectional fabrics and a bi-component epoxy resin under ballistic impacts that characterize two threat levels: FB2 and FB3, according to EN 1523:2004. The tested panels had characteristics kept in narrow ranges: thickness 18.26 ± 0.22 mm, mass ratio fabrics/panel 0.788 ± 0.015, surface density 27.51 ± 0.26 kg/m2. After testing the panels, the failure mechanisms of the panel were evidenced by scanning electron microscopy and photographs. Here the authors present a finite-element model at meso scale that was used for evaluating if the composite, initially tested at level FB2 (9 mm FMJ, v0 = 375 m/s), could withstand the higher level of impact, FB3 (projectile type .357 Magnum and impact velocity of v0 = 433 m/s). Simulation was performed in Explicit Dynamics (Ansys), keeping the same target but changing the projectile for the two different levels of threat. The results of the simulation were encouraging for making tests at level FB3, indicating the importance of alternating actual tests with simulations in order to achieve better protection with reduced surface weight. The simulation illustrated differences in impact duration and number of layers broken on the panel for each level. Validation of the model was based on the number of broken layers and the dimension of the delamination zone between the last two layers. Scanning electron microscopy was used for identifying failure mechanisms at the micro and meso scale. We found that damage to the composite was intensively dependent on impact velocity, this being quantitatively evaluated using the number of layers broken, the effect of delamination on separating layers and the deformation of the last layer.