The alloy-reinforced Bi-2223 composite tapes can be used to realize high-magnetic field magnets, and its equivalent mechanical properties are important because of the great stress during the manufacturing and operation of magnets. Since the alloy-reinforced Bi-2223 tape has a complex structure, suitable analytical methods and equivalent models are necessary. The analysis of the equivalent mechanical properties is achieved by the mixture rule method and finite element simulation of simplified models. By using different simplified models, it is found that the single-filament elliptical model reduced computation time at most compared with the multi-filaments model, while the deviation from the experimental results is the minimum. It also shows that the details of the geometry in the models have little effect on the results. The results of the mixture rule method also agree with the experimental results, demonstrating that using the mixture rule method and simulation method of a single-filament elliptical model for mechanical analysis of alloy-reinforced Bi-2223 tapes is feasible.