A flexible stretch forming process is useful for small quantity batch production because various shape changes of the flexible die can be achieved conveniently. In this study, the design variables, namely, the punch size, curvature radius and elastic pad thickness, were quantitatively evaluated to understand their influence on sheet formability using statistical methods such as the correlation and regression analyses. Forming simulations were designed and conducted by a three-way factorial design to obtain numerical values of a shape error. Linear relationships between the design variables and the shape error resulted from the Pearson correlation analysis. Subsequently, a regression analysis was also conducted between the design variables and the shape error. A regression equation was derived and used in the flexible die design stage to estimate the shape error.