In this study, a high-density ZrN/ZrSi2 composite reinforced with ZrO2 as an inert phase was synthesized under vacuum starting with a Zr-Si4N3-ZrO2 blend using combustion-synthesis methodology accompanied by compaction. The effects of ZrO2 additions (10–30 wt%) and compression loads (117–327 MPa) on the microstructure, porosity and hardness of the samples were studied. The process was monitored using XRD, SEM, EDS, porosity, density and hardness measurements. Thermodynamic calculations of the effect of ZrO2 addition on the combustion reaction were performed including the calculation of the adiabatic temperatures and the estimation of the fractions of the liquid phase. The addition of up to 20 wt% ZrO2 improved the hardness and reduced the porosity of the samples. Using 20 wt% ZrO2, the sample porosity was reduced to 1.66 vol%, and the sample hardness was improved to 1165 ± 40.5 HV at 234 MPa.