Analytical (Rayleigh-Ritz method) and numerical studies are carried out and buckling interaction curves are developed for simply supported plates of varying aspect ratios ranging from 1 to 5, under the combined action of in-plane shear and tension. A multi-step buckling procedure is employed in the Finite Element (FE) model instead of a regular single step analysis in view of obtaining the buckling load under the combined forces. Both the analytical (classical) and FE studies confirm the delayed shear buckling characteristics of thin plate under the combined action of shear and tension. The interaction curves are found to be linear and are found to vary with plate aspect ratio. The interaction curve developed using Rayleigh-Ritz method is found to deviate in an increasing trend from that of validated FE model as plate aspect ratio is increased beyond value of 1. It is found that the observed deviation is due to the insufficient number of terms that is been considered in the assumed deflection function of Rayleigh-Ritz method and a convergence study is suggested as a solution.