This paper aims to develop a practical approach to modeling of fiber reinforced polymers (FRP) strengthened masonry panels. The main objective is to provide suitable relations for the material characterization of the masonry constituents so that the finite element applications of elasto-plastic theory achieves a close fit to the experimental load-displacement diagrams of the walls subjected to in-plane shear and compression. Two relations proposed for masonry columns confined with FRP are adjusted for the cohesion and the internal friction angle of both units and mortar. Relating the mechanical parameters to the uniaxial compression strength and the hydrostatic pressure acting over the wall surface, the effects of major and intermediate principal stresses ${sigma}_1$ and ${sigma}_2$ on the yielding and the shape of the deviatoric section are then reflected into the analyses. Performing nonlinear finite element analyses (NLFEA) for the three walls tested in two different studies, their stress-strain response and failure modes are eventually evaluated through the comparisons with the experimental behavior.