The propagation of longitudinal and shear elastic waves through a multi-phase material was studied and the effective elastic properties of the medium were evaluated. The distribution of the reinforcing inclusions was considered random throughout the matrix. The effective dynamic properties of the composites, including their effective bulk and shear moduli and effective densities, were examined along with the effective phase velocity and attenuation of the incident P and S waves. The Sabina-Willis model was employed to study the wave propagation behavior, and the model performance was analyzed through comparison with experimental data from the literature. The results indicated that wave propagation significantly depended on the physical and mechanical properties of inclusions relative to those of the matrix and the normalized wave number of the propagated elastic wave. Moreover, despite the fact that the elastic properties of the incidence in the P and S waves exhibited a similar trend, their values differed significantly. The results can serve as a design criterion for composite materials under dynamic loading.