Single Point Incremental Forming (SPIF) is a modern and flexible alternative to traditional forming techniques. It thanks its flexibility to the fact that it does not require a dedicated tool set to operate. Numerical simulation of the SPIF process requires an accurate FE model. In the past several attempts have been undertaken to use inverse methods for sheet metal SPIF material model identification based on shearing, tensile and indenting tests. The basic idea of this paper is that the results of inverse methods can be improved by using the SPIF process itself as experimental data source. A SPIF experiment dedicated for material identification on a simple geometry using large step sizes is presented and compared with the FE simulation of the forming process based on an initial guess for the material behavior.