The application of shot peening to components and structures induces residual compressive stresses (RCS) on the surface. It has also been identified that fatigue, corrosion fatigue (CF) and stress corrosion cracking (SCC) are lifted by RCS. However, failures still occur in local areas of shot peened components under service conditions at stresses below the yield strength of the material. This calls for a real assessment of the distribution of stresses in the shot peened component for enhanced prediction of induced RCS. This report is the first part of an ongoing research aimed at establishing a simplified methodology for a realistic simulation of the shot peening process and the accompanying residual stress by combined DEM-FEM approach. In this paper, the authors have replaced the transient analysis used in past DEM-FEM approach with a simpler static structural analysis. The results obtained are validated with similar experimental results available in literature. This will serve as a reliable tool for more accurate analysis/prediction of the service life of shot peened components and for enhancement of shot peening application as a life-extension remedy to critical engineering components.