For a perforated plate, it is challenging to develop a finite element model due to the necessity of the fine meshing of the plate, especially if it is submerged in fluid. This necessitates the use of a solid plate with equivalent material properties. Unfortunately, the effective elastic constants suggested by the ASME code are deemed not valid for a modal analysis. Therefore, in this study the equivalent material properties of a perforated plate are suggested by performing several finite element analyses with respect to the ligament efficiencies.