This study investigated the effects of adding a third alloying element, Ni, to create $Fe_{70-x}Pd_{30}Ni_x$ (x = 2, 4, 6, 8 at.% Ni) ferromagnetic shape memory alloys (FSMAs). The Ni replaced a portion of the Fe. The $Fe_{70-x}Pd_{30}Ni_x$ alloys were homogenized through hot and cold forging to gain a ~38% reduction in thickness, next they were solution-treated (ST) with annealing recrystallization at $1100^{circ}C$ for 8 h and quenched in ice brine, and then aged at $500^{circ}C$ for 100 h. Investigation of the microstructures and magnetostriction indicated that the greater Ni amount in the $Fe_{70-x}Pd_{30}Ni_x$ alloys reduced saturation magnetostriction at room temperature (RT). It was also observed that it was more difficult to generate annealed recrystallization. However, with greater Ni addition into the $Fe_{70-x}Pd_{30}Ni_x$ (x = 6, 8 at.% Ni) alloys, the $L1_0+L1_m$ twin phase decomposition into stoichiometric $L1_0+L1_m+{alpha}_{bct}$ structures was suppressed after the $500^{circ}C$/100 h aging treatment. The result was that the $Fe_{70-x}Pd_{30}Ni_x$ (x = 6, 8 at.% Ni) alloys maintained a high magnetostriction and magnetostrictive susceptibility (${Delta}{lambda}{_parallel}{^s}/{Delta}H$) after the alloys were aged at $500^{circ}C$ for 100 h. This magnetic property of the $Fe_{70-x}Pd_{30}Ni_x$ (x = 6, 8 at.% Ni) alloys make it suitable for application in a high temperature (T > $500^{circ}C$) and high frequency environments.