Answer: It depends
While your question only requires fairly basic kinematics (physics), there are quite a few effects to consider. I can't cover them all, but I'll try to hit the important ones. This will be a longer answer!
Assumptions
Here's what I'm taking as fact before I get into the meat of my answer:
- Your projectiles follow ballistic trajectories only. In other words, once they leave the muzzle, catapult, whatever, that the only forces acting on them are gravity, air resistance, and whatever happens when they hit (or miss) their target. Otherwise known as the "no rockets" assumption.
- Your projectiles do not contain any explosives, warheads, magic powder, etc. That is, only the substance (or substances, as with jacketed rounds, for example), determine what happens at point of impact.
- Your targets do not employ any active shielding like force fields, kinetic damping, or other "magic" means of stopping, slowing or deflecting the projectiles. Thus, we're looking at a pure kinetic collision.
- Your projectiles may travel at supersonic speeds, but they will not be traveling at relativistic speeds (significant fractions of the speed of light). If they were, the materials wouldn't make much difference.
I believe these assumptions are reasonable based on the wording in your question, and the (physics)
& (hard-science)
tags, but let me know if otherwise, as that could change everything.
So, what matters?
Mass and velocity of the projectile
(high school physics)
Before even considering materials, it's important to look at mass and velocity, as they make an enormous difference, no matter what materials you use. For my favorite discussion of the topic, see the very first What If? : Relativistic Baseball.
First, let's look at the kinetic energy, $E_k$, of any projectile with a given mass (m) and velocity (v):
$$E_k = \frac{1}{2} mv^2$$
Informally speaking, the more kinetic energy the projectile has, the harder it can hit. I'll get to that suspicious-looking "can" in a second, but first, a quick observation:
Velocity matters more than mass. Since the velocity (v) term is squared, doubling the velocity will do more than doubling the mass. However, practical considerations mean ballistics designers strike a balance between the two.
Armor Design
Now, again, before considering materials, here are some properties of the armor (or, more generally, of the nature of the collision) that will affect the damage done:
1. Elastic vs. inelastic collisions (about that "can"...)
More information: Elastic collision (Wikipedia)
For maximum damage, all of your projectile's energy needs to be deposited into the target. In other words, the projectile needs to be completely stopped by the target. If that isn't the case, a smaller fraction of the kinetic energy will "sink in" to the target, and the projectile will be less effective.
Often deflection is accomplished with geometry: give your armor lots of sharp angles and round corners, and projectiles will tend to take glancing blows, and retain more of their velocity (and hence impart much less of their energy into the target.) A useful analogy here is billiard balls. Hit a ball thinly, the cue ball retains a high velocity, but your object ball doesn't go very far. Hit it dead on, the cue ball stops, and the object ball gets all of that energy (well, almost—nothing's 100% efficient).
In concrete terms, successful deflection increases the projectile's final velocity. That is, after it bounces off (or travels straight through) your target, it retains more speed. First, a numerical example:
Let's say it retains half (0.5) of its velocity and all of its mass (does not fragment). Then we can do some simple rearranging to see how much of that energy stays with your target:
$$\% E_{target} = 1 - \frac{\frac{1}{2}m(0.5 \times v)^2}{\frac{1}{2}mv^2} = 75\%$$
You can generalize or play around with that by changing the 0.5 to some other percentage between 0.0 (worst case for the target—all energy transferred,) and 1.0 (no energy transferred—a miss). Since most of those terms cancel out, this can be written more simply:
$$\% E_{target} = 1 - x^2$$
Where $x$ is the fraction of the original velocity, as a number between 0 and 1.
2. Distribute the impact
Ballistics vests used by law enforcement are a good example of this. They have an armor plate that, when struck, is designed to distribute the energy from the projectile over a large (chest-sized) area. Without the vest, the bullet's energy would be focused on a $1cm^2$ area, and hence easily penetrate the body.
It's hopefully obvious that applying the same force over a smaller area will be more likely to result in a penetrating injury, thanks to higher pressure. If you need convincing, try to stab a balloon with a 1 kg baseball bat. Then try again with a 1 gram needle.
Vests and similar armor actually operate on multiple principles, but it's not that complicated. Vests:
- Distribute the impact over a large area, already discussed.
- Deform and fragment the projectile (the armor is a very hard substance so it can break up the projectile). When a projectile breaks up, it becomes many smaller projectiles, so now you do your energy calculations on an array of fragments instead of one projectile.
- The vests also "catch" the fragments with tough fabric and rubbery material so they don't fly off and hit the wearer (or his/her partner) in the face.
- Decelerate the projectile. Via several layers of "softer" materials, the vest essentially "crumples" (see below) to slow down the projectile a bit before it hits the hard armor plate.
Wearers of vests still experience significant pain and (usually) minor injury, but they're a great example of how you can use physics to completely change the nature of a ballistic impact.
Decelerate the projectile
As above, armor can attempt to decelerate the projectile by providing some kind of padding, or, like a car, the armor can deform ("crumple") under stress. What it's doing is converting the energy of that projectile into a small amount of heat, which reduces the more harmful penetrating or concussive effects that would injure or damage your target.
In classical physics, this is simply deceleration. If your crumple zone can slow the projectile down, you can plug a smaller $v$ into the earlier $E_k = \frac{1}2 mv^2$ formula. And, as you recall, a smaller $v$ makes a relatively big difference.
Projectile shape and spin
To have your projectiles fly straight and true, the shape will be important, and with many projectiles, imparting spin will keep them much more stable during flight. How your projectiles behave in flight, how much they're slowed down by air drag, and how fast they can travel, are all governed by something known as external ballistics. Since I believe you are more concerned with armor design, and this answer is rather long already, I won't go into detail on that, but let me know (or ask another question) if you need to know more about projectile design; it's something I've studied.
Materials, finally!
I've left this for the end of my answer because, as you'll hopefully agree by now, there's a lot you can do with pure physics that doesn't depend on materials.
But materials do matter, of course! A full review of all known armor-grade materials known to man would of course be beyond the scope, here, but I can give you some general guidelines, especially now that I've gone over some of the essential physics:
Generally speaking, you can have a hard substance that will resist penetration but be more brittle, or a soft substance that isn't as strong, but is able to bend and deform so it doesn't shatter and fail completely. In conventional armor (or blade) design, you'll tend to see a mixture of different types of steel (different carbon content/heat treating process).
If you know what kinds of materials your enemy's ammunition is made of, you can choose armor that is harder than the ammo, to cause the ammo to deform or fragment. (Again, harder ammo (e.g., high carbon steel) will be more likely to fragment, softer ammo (e.g., lead) will more likely deform.) If you can cause the ammo to fragment, the pieces will fly off in different directions, which will reduce the energy your armor needs to absorb. (Again, think of this as a higher final velocity, and/or a lower mass (m), as less of the projectile ends up going forward into the target.)
Conclusion/Summary
Thanks for sticking with me through a very long answer-slash-physics review. If you value brevity, I apologize. In this case, I felt the longer answer was the right approach, since you asked for equations, and how all of the factors influence the projectiles and armor performance. Hopefully I've done my job well enough for you to come away with a decent grip on the subject. Do feel free to ask questions in the comments.