Using Strand7, I'm not certain. Generally, I'm looking for yield, but you would be looking for net section failure and potentially a location exceeding the ultimate strength of the material. I might suggest that you find a metallurgist that can take your stress field and check for crack propogation, material attributes, etc.
As engineers, we tend to look in a book and say, "so that's the yield strength", but you may be dealing with high strain-rate effects (like a car crash for which LS-Dyna is generally the software of choice), temperature effects (depending on where your pipeline is physically located, salt water effects, welding in the pipeline...and I'm sure the materials guys would suggest another consideration or two.
I would also say that you may want to run a few small tests to insure that your analysis techniques are matching reality.
Garland