The subject of this investigation is focused on developing computation procedure for strength analysis of damaged aircraft structural components with respect to fatigue and fracture mechanics. For that purpose, here will be defined computation procedures for residual life estimation of aircraft structural components such as wing skin and attachment lugs under cyclic loads of constant amplitude and load spectrum. A special aspect of this investigation is based on using of the Strain Energy Density (SED) method in residual life estimation of structural elements with initial cracks. To determine analytic formulae for the stress intensity factors here singular finite elements are used. Verification of computation procedures for residual life estimations will be supported with corresponding experimental tests for determination of low cyclic fatigue properties of materials and corresponding parameters of fracture mechanics, including fatigue tests of representative aircraft structural elements.