We propose a method to estimate the asymptotic stability region(ASR) of a mismatched uncertain variable structure system with a bounded controller. The uncertain system under consideration may have mismatched parameter uncertainties in the state matrix. Using linear matrix inequalities(LMIs) we estimate the ASR and we show the quadratic stability of the closed-loop control system in the estimated ASR. We also give a simple LMI-based algorithm for estimating the ASR. Finally, we give a numerical example in order to show the effectiveness of our method.