Although　numerous　studies　have　investigated　the　mechanical　behavior　of　perforated　auxetic　metamaterials,　elements,　and　structures,　an　efficient　theoretical　framework　for　quantifying　the　elastic　properties　of　these　extraordinary　materials　remains　lacking.　This　study　introduces　a　modified　rotating　square　model　that　incorporates　the　deformation　characteristics　of　auxetic　materials　with　elliptical　perforations,　providing　a　more　accurate　representation　of　their　behavior　with　idealized　rigid　square-spring-rod　model.　Finite　element　modeling　of　a　representative　unit　cell　of　the　metamaterial　was　employed　to　establish　a　database　for　parameter　calibration　and　validation　of　the　proposed　analytical　model.　The　results　indicate　that　the　deformation　mechanism　of　the　metamaterial　is　dominated　by　rotational　deformation　localized　at　the　minimum　ligaments　between　neighboring　holes.　The　model　predicts　the　elastic　properties　of　the　auxetic　metamaterials　with　errors　lower　than　25%,　demonstrating　its　effectiveness　in　capturing　the　complex　deformation　mechanisms　of　elliptical　perforated　auxetic　structures.　Additionally,　the　model　contributes　to　developing　design　equations　for　lateral　stiffness　and　shear　strength　in　steel　plate　shear　walls　with　elliptical　perforated　auxetic　web　plates.　Future　studies　could　extend　the　proposed　model　to　other　perforated　auxetic　metamaterials　with　various　hole　shapes.