A draw stud assembly for use with a knockout punch tool having a movable piston, includes a connector attachable to the movable piston, a draw stud, and a quick connect mechanism. The quick connect mechanism includes mating first and second thread segments on the connector and the draw stud, respectively. The connector and the draw stud are movable between a first relative orientation where the mating first and second thread segments are misaligned to permit axial movement between the connector and the draw stud, and a second relative orientation where the mating first and second thread segments are aligned and engaged to inhibit axial movement between the connector and the draw stud.