The conventional Split Hopkinson Pressure Bar (C-SHPB) technique with aluminum pressure bars to achieve a closer impedance match between the pressure bars and the specimen materials such as hot temperature degraded POM (Poly Oxy Methylene) and PP (Poly Propylene) to obtain more distinguishable experimental signals is used to obtain a dynamic behavior of material deformation under a high strain rate loading condition. An experimental modification with Pulse shaper is introduced to reduce the nonequilibrium on the dynamic material response during a short test period to increase the rise time of the incident pulse for two polymeric materials. For the dynamic stress strain curve obtained from SHPB experiment under high strain rate, the Johnson-Cook model is applied as a constitutive equation, and we verify the applicability of this constitutive equation to the probabilistic reliability estimation method. The methodology to estimate the reliability using the probabilistic method such as the FORM and the SORM has been proposed, after compose the limit state function using Johnson-Cook model. It is found that the failure probability estimated by using the SORM is more reliable than those of the FORM, and the failure probability increases with the increase of applied stress. Moreover, it is noted that the parameters of Johnson-Cook model such as A and n, and applied stress affect the failure probability more than the other random variables according to the sensitivity analysis.