Based on elastic mechanics, the fluid–structure coupling theory and the finite element method, a high-speed railway wheel-rail rolling-aerodynamic noise model is established to realize the combined simulation and prediction of the vibrations, rolling noise and aerodynamic noise in wheel-rail systems. The field test data of the Beijing–Shenyang line are considered to verify the model reliability. In addition, the directivity of each sound source at different frequencies is analyzed. Based on this analysis, noise reduction measures are proposed. At a low frequency of 300 Hz, the wheel-rail area mainly contributes to the aerodynamic noise, and as the frequency increases, the wheel-rail rolling noise becomes dominant. When the frequency is less than 1000 Hz, the radiated noise fluctuates around the cylindrical surface, and the directivity of the sound is ambiguous. When the frequency is in the middle- and high-frequency bands, exceeding 1000 Hz, both the rolling and total noise exhibit a notable directivity in the directions of 20–30° and 70–90°, and thus, noise reduction measures can be implemented in these directions.