In this paper, a microscopic model of anisotropic soft magnetic composites based on three-dimensional homogeneous distribution is established with numerical calculation. The effects of the particle orientation angle and the axial diameter ratio on the equivalent permeability of composites were investigated by the finite element method, and the accuracy of the model was verified by using experimental results in comparison with the simulation results. The results show that the composites have the largest equivalent permeability of 63.944 when the particle orientation angle is 0° (particle size of 75 µm). As the insulating layer is consistent, the larger equivalent permeability of composites is obtained by the larger particle axial diameter ratio. The equivalent permeability of composites is 114.07 when the axial diameter ratio is 100, which is 89.76% larger than that of the composites with an axial diameter ratio of 5. The equivalent permeability of the specimen with the orientation angle of 0° and the particle axial diameter ratio of 42 is 48.579, and the equivalent permeability of the model under the same conditions is 47.276 in the simulation. The comparative analysis found that the simulation and experiment value only have an error of 2.68%, which is within the acceptable range and further proves the accuracy of this model.