Background: We designed an exercise system in which the user is accompanied by a virtual partner (VP) and tested bodyweight squat performance with different interactive VP features to explore the comprehensive impact of these VP features on the individual’s exercise level (EL) and exercise perception. Methods: This experiment used three interactive features of VP, including body movement (BM), eye gaze (EG), and sports performance (SP), as independent variables, and the exercise level (EL), subjective exercise enjoyment, attitude toward the team formed with the VP, and local muscle fatigue degree of the exerciser as observational indicators. We designed a 2 (with or without VP’s BM) × 2 (with or without VP’s EG) × 2 (with or without VP’s SP) within-participants factorial experiment. A total of 40 college students were invited to complete 320 groups of experiments. Results: (1) Regarding EL, the main effects of BM and SP were significant (p< 0.001). The pairwise interaction effects of the three independent variables on EL were all significant (p< 0.05). (2) Regarding exercise perception, the main effects of BM (p< 0.001) and EG (p< 0.001) on subjective exercise enjoyment were significant. The main effect of BM on the attitude toward the sports team formed with the VP was significant (p< 0.001). The interaction effect of BM and SP on the attitude toward the sports team formed with the VP was significant (p< 0.001). (3) Regarding the degree of local muscle fatigue, the main effects of BM, EG, and SP and their interaction effects were not significant (p> 0.05). Conclusion: BM and EG from the VP elevate EL and exercise perception during squat exercises, while the VP with SP inhibited the EL and harmed exercise perception. The conclusions of this study can provide references to guide the interactive design of VP-accompanied exercise systems.