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This formula for calculating damage done by missiles has been tested using all T1 missiles against a number of different ship sizes and speeds. It is:
Damage = Base_Damage * MIN(MIN(sig/Er,1) , (Ev/Er * sig/vel)^(log(drf) / log(5.5)) )
Where sig = ship's signature vel = ship's velocity Er = Explosion Radius of missile Ev = Explosion Velocity of missile drf = Damage Reduction Factor of missile
The log function is the natural logarithm, to the base e, often denoted as ln.
The 5.5 in the equation is the hidden missile attribute "oaeDamageReductionSensitivity" which you can see in the QR SQL data dump (can also see it in tools like EVEmon).