An analytical expression for prediction of the effective dielectric constant of a three phase 0-3-0 ferroelectric composite is presented. The analytical results are verified with the experimental results from Nan (2002, “Three-Phase Magnetoelectric Composite of Piezoelectric Ceramics, Rare-Earth Iron Alloys, and Polymer,” Appl. Phys. Lett., 81(20), p. 3831). The analytical model is extended to include the shape of a third phase inclusion to examine the influence of the shape (of the inclusion) on the effective dielectric constant of the composite. The dielectric constant increases as much as seven times when the aspect ratio of the conducting inclusion particle is increased from 1 (sphere) to 10 (spheroid). A comparison of the analytical predictions with the experimental values, which indicate that the increase in aspect ratio of the inclusions has a significant effect on the overall dielectric constant of the composite.