Phenomenological plasticity models that relate relative density to plastic strain are frequently used to simulate ceramic powder compaction. With respect to the form implemented in finite element codes, they need to be modified in order to define governing parameters as functions of relative densities. Such a modification increases the number of constitutive parameters and makes their calibration a demanding task that involves a large number of experiments. The novel calibration procedure investigated in this paper is based on inverse analysis methodology, centered on the minimization of a discrepancy function that quantifies the difference between experimentally measured and numerically computed quantities. In order to capture the influence of sought parameters on measured quantities, three different geometries of die and punches are proposed, resulting from a sensitivity analysis performed using numerical simulations of the test. The formulated calibration protocol requires only data that can be collected during the compaction test and, thus, involves a relatively smaller number of experiments. The developed procedure is tested on an alumina powder mixture, used for refractory products, by making a reference to the modified Drucker–Prager Cap model. The assessed parameters are compared to reference values, obtained through more laborious destructive tests performed on green bodies, and are further used to simulate the compaction test with arbitrary geometries. Both comparisons evidenced excellent agreement.