In this work, the problem of flow past a splitter plate attached to a rigid cylinder and placed inside a channel with background fluid flow is investigated to analyze the effect of Young’s modulus of elasticity (E) of the splitter plate. The effect of E on the flow and stress distribution, the lift and drag forces, and the tip trajectories are studied. The study reveals that the maximum von Mises stress is induced on the central portion of the splitter plate. It is also found that there exists a critical value of E corresponding to minimum amplitude and minimum frequency of vibration for which the lift and drag forces are minimum. The trajectory of splitter tip is also studied and found that the vibration decreases both laterally and longitudinally indicating the tendency of transition from 2-dof to 1-dof as the value of E is increased. When the value of E is increased further, the lateral and longitudinal vibration again increases. However, the splitter tip attains a steady tip vibration with further increase in Young’s modulus of elasticity of the splitter plate.