The effects of different ingredient formulations on physicochemical qualities and consumer preferences were investigated using Baikseolgi incorporated with perilla powder, a healthy food ingredient, as a model system. Perilla powder was incorporated into the formulation at five different amounts (0%, 5%, 10%, 15%, and 20% (w/w)) by replacing equivalent amount of non-glutinous rice flour. After appropriate mixing, rice cakes were steamed and quality attributes were evaluated after cooling. The pH increased but moisture content decreased significantly with an increase in the perilla powder substitution (p < 0.05). Lightness (L*) decreased significantly from 80.32 to 70.73 with the higher incorporation of perilla powder (p < 0.05), indicating that the color of Baikseolgi became dark. Redness (a*) and yellowness (b*); on the other hand, increased significantly (p < 0.05). Hardness decreased significantly as the perilla powder content increased in the formulation (p < 0.05). With respect to overall acceptability, the control received the highest mean score of 5.90; however, this was not significantly different from all samples tested except for 20% sample (p > 0.05). Five percent sample received the highest or competitively high preference scores in all attributes; thus, incorporation of 5% perilla powder in the formulation of Baikseolgi would be recommended while taking advantages of the health benefits of perilla without sacrificing the quality acceptance by the consumers.