In this study, a new system consisting of a combination of braces and steel infill panels called the braced corrugated steel shear panel (BCSSP) is presented. To obtain the hysteretic behavior of the proposed system, the quasi-static cyclic performances of two experimental specimens were first evaluated. The finite element modeling method was then verified based on the obtained experimental results. Additional numerical evaluations were carried out to investigate the effects of different parameters on the system. Subsequently, a relationship was established to estimate the buckling shear strength of the system without considering residual stresses. The results obtained from the parametric study indicate that the corrugated steel shear panel (CSSP) with the specifications of a = 30 mm, t = 2 mm, and θ = 90° had the highest energy dissipation capacity and ultimate strength while the CSSP with the specifications of a = 30 mm, t = 2 mm, and θ = 30° had the highest initial stiffness. It can thus be concluded that the latter CSSP has the best structural performance and that increasing the number of corrugations, corrugation angle, and plate thickness and decreasing the sub-panel width generally enhance the performance of CSSPs in terms of the stability of their hysteretic behaviors.