In this work, AlGaN-based deep-ultraviolet (DUV) light-emitting diodes (LEDs) with AlGaN as the dielectric layers in p+-Al0.55Ga0.45N/AlGaN/n+-Al0.55Ga0.45N polarization tunnel junctions (PTJs) were modeled to promote carrier tunneling, suppress current crowding, avoid optical absorption, and further enhance the performance of LEDs. AlGaN with different Al contents in PTJs were optimized by APSYS software to investigate the effect of a polarization-induced electric field (Ep) on hole tunneling in the PTJ. The results indicated that Al0.7Ga0.3N as a dielectric layer can realize a higher hole concentration and a higher radiative recombination rate in Multiple Quantum Wells (MQWs) than Al0.4Ga0.6N as the dielectric layer. In addition, Al0.7Ga0.3N as the dielectric layer has relatively high resistance, which can increase lateral current spreading and enhance the uniformity of the top emitting light of LEDs. However, the relatively high resistance of Al0.7Ga0.3N as the dielectric layer resulted in an increase in the forward voltage, so much higher biased voltage was required to enhance the hole tunneling efficiency of PTJ. Through the adoption of PTJs with Al0.7Ga0.3N as the dielectric layers, enhanced internal quantum efficiency (IQE) and optical output power will be possible.