V382 Velorum reached a brightness of 2.6 magnitude, making it easily visible to the naked eye.

It was discovered by Peter Williams of Heathcote, New South Wales, Australia at 09:30 UT on 22 May 1999.

Later that same day it was discovered independently at 10:49 UT by Alan C. Gilmore at Mount John University Observatory in New Zealand.

[6] It is classified as a fast nova with a smooth light curve.

[11] The stars forming V382 Velorum are surrounded by a small emission nebula about 10 arc seconds in diameter.