The response of fiber-reinforced polymer composites to an externally applied mechanical excitation is closely related to the microscopic stress transfer mechanisms taking place in the fiber–matrix interphasial region. In particular, in the case of viscoelastic responses, these mechanisms are time dependent. Defining the interphase thickness as the maximum radial distance from the fiber surface where a specific matrix property is affected by the fiber presence, it is important to study its variation with time. In the present investigation, the stress relaxation behavior of a glass fiber-reinforced polymer (GFRP) under flexural conditions was studied. Next, applying the hybrid viscoelastic interphase model (HVIM), developed by the first author, the interphase modulus and interphase thickness were both evaluated, and their variation with time during the stress relaxation test was plotted. It was found that the interphase modulus decreases with the radial distance, being always higher than the bulk matrix modulus. In addition, the interphase thickness increases with time, showing that during stress relaxation, fiber–matrix debonding takes place. Finally, the effect of fiber interaction on the interphase modulus was found. It is observed that fiber interaction depends on both the fiber–matrix degree of adhesion as well as the fiber volume fraction and the time-dependent interphase modulus.