This study improves the metal forming process for SS400 steel engine covers, which protect internal components from environmental contaminants. Combining experimental deep drawing tests with finite element analysis (FEA) using Abaqus/Explicit, the research evaluates SS400 steel sheet formability. Initial tests validated the model’s accuracy through strong agreement between physical and numerical results. Key parameters—friction coefficient, blank holder pressure, and die corner radius—were analyzed for their effects on material deformation and fracture risk. Using the Taguchi method with an L9 orthogonal array and analysis of variance (ANOVA), the study identified optimal conditions: friction coefficient (0.05), die corner radius (4.5 mm), and blank holder pressure (0.75 MPa). ANOVA revealed the friction coefficient had the greatest impact (87.21%), followed by die corner radius (10.71%) and blank holder pressure (2.08%). Experimental validation confirmed the optimized parameters minimized fracture risk and improved product integrity, with the FEA model accurately predicting failure locations.