It is the objective of this study to conduct realistic simulations of the arc-height development in shot-peened Almen strips using the finite element (FE) method. Unlike our earlier work which is devoted to relaxation of shot peening induced residual stress, in this paper, the focus is on peen forming as a result of repeated spherical impingement. Specifically, a 3D FE model with 1500 randomly distributed shots bombarding an Almen strip was developed. Strain rate dependent plasticity was considered and an artificial material damping was applied to control the undesired high-frequency oscillations. The solution further adopts both explicit dynamic and implicit quasi-static analyses to simulate the entire arc-height development in the Almen strips. Quantitative relationships between the resulting equivalent plastic strain and the associated residual stress distribution for a given shot velocity and shot numbers are established and discussed. The work also considers the effect of repeated impacts upon the induced residual stress field using a large number of random shots. Attention was further devoted to the effect of the strip constraint upon the outcome of the impingement. Our results indicate that the proposed FE model is a powerful tool in investigating the underlying mechanisms of the peening treatment.