The aim of this paper is to determine an appropriate configuration of the boundary conditions and geometric model to calculate the ultimate strength of a continuous stiffened panel under compressive loading in the finite element (FE) analysis. The 1 + 1 spans model with periodical symmetric boundary conditions is proposed to be used in the FE analysis, whose results are compared with the 1/2 + 1 + 1/2 span model with periodical symmetric and symmetric boundary condition, and the 1/2 + 1 + 1 + 1/2 span model with symmetric boundary conditions. The effects of the continuity of the stiffened panel with different geometric models and boundary conditions on its collapse mode are investigated. A beam tension test has been used to define the true stress-strain relationship in the FE analysis. The two-span model, either 1 + 1 or 1/2 + 1 + 1/2, with periodical symmetric conditions give a reasonable FE modeling, which can consider both odd and even number half waves and, thus, have the smallest model uncertainty.