In this paper, we propose a 3-D finite element (FE) analysis model with combined physical behavior and kinematical impact factors for evaluation of residual stress in multi-impact shot peening. The FE model considers both physical behavior of material and characteristics of kinematical impact. The physical parameters include elastic-plastic FE modeling of shot ball, material damping coefficient, dynamic friction coefficient. The kinematical parameters include impact velocity and diameter of shot ball. Multi-impact FE model consists of 3-D symmetry-cell. We can describe a certain repeated area of peened specimen under equibiaxial residual stress by the cell. With the cell model, we investigate the FE peening coverage, dependency on the impact sequence, effect of repeated cycle. The proposed FE model provides converged and unique solution of surface stress, maximum compressive residual stress and deformation depth at four impact positions. Further, in contrast to the rigid and elastic shots, plastically deformable shot produces residual stresses closer to experimental solutions by X-ray diffraction. Consequently, it is confirmed that the FE model with peening factors and plastic shot is valid for multi-shot peening analyses.