There are no exact answers in impact ballistics. There are a few principles that will give order of magnitude estimates that are often better - factor of 2 or 3 instead of 10. But usually, the experiment needs to be done if you want accuracy on the order of 20% or better, because material properties are much different at the high strain rates of ballistic impacts.
You can reckon the pressure as the impact energy divided by the volume. But what volume do you use? For a hard sphere impacting modeling clay and for the related phenomena of behind armor blunt trauma, it makes sense to use the volume of the displaced clay. But what if both the projectile and the target are deformed? What if the target is set into motion by the impact?
In these cases, it makes more sense to relate the impact energy to the impact force and displacement (stopping distance) using the work energy theorem. That will give you the average impact force in an accurate and straightforward manner every time if you know the stopping distance. This works even if the target is set into motion and if both target and projectile are deforming. But often, it is the _peak_ force rather than the average force that is of interest. Having looked at hundreds of these real events carefully, the peak to average ratio is usually close to 3 - so simply multiply the average by 3 to estimate the peak impact force of a ballistic event.
Pressure is then simply the force divided by the area. But which area to choose if there are multiple possibilities - deforming projectile, deforming target, cross sectional or full frontal, etc? Most of the inaccuracy comes from the error in the peak to average ratio and in an inability to choose which area you really need - which is tough because you don't know the time sequence of the deformations. Still, you should be able to put bounds on your error bars by considering the most likely candidates and realize your SWAG is likely within a factor of 2 or 3. With enough experience comparing SWAGs with experiments, your SWAGs will get better. My SWAGs are usually better than the best numerical models, because the finite element models still don't have very good material properties for the high strain rate events.