Two new N-benzoylamino acids, peniginseng A-B (1–2), and two new fatty acids, peniciginseng A-B (5–6), were isolated during the fermentation of Penicillium sp. YIM PH30003, an endophytic fungus associated with Panax notoginseng (Burk.) F.H. Chen. Their structures were assigned based on a combination of 1D and 2D NMR and mass spectral data. The N-benzoylamino acids (1–4) might share similar biosynthetic pathways with the rare siderophore pistillarin. Compounds 1–10 showed antifungal activities (MICs 16–128 mg/mL) against Fusarium solani, the pathogenic fungus of P. notoginseng.