The design and evaluation of Buckling-Restrained Knee-Braced Frames (BRKBFs) with Single Plate Shear Connections (SPSCs) under earthquake excitations are presented in this study. The combined features of the BRBs as knee braces and SPSCs as beam-to-column connections are expected to enhance seismic performance in terms of deformation capacity and reparability. The objectives of this research are to apply a design methodology called Performance-Based Plastic Design (PBPD) to design a BRKBF and to evaluate the collapse probability of the proposed framing system under severe earthquake ground motions. The PBPD approach was applied to an example of 3-story, 3-bay BRKBF structure. The collapse probability of the example BRKBF was then investigated under 44 different ground motions based on FEMA P695 framework. Nonlinear Static Pushover (NSP) and Dynamic Time History (NDTH) analyses were used to evaluate the inelastic activities and determine the collapse parameters of the example structure. The performance assessment results based on nonlinear static and time history analyses are presented in terms of inelastic activities, maximum interstory drifts, collapse probabilities, and adjusted collapse margin ratio (ACMR).