Improving ring spinning efficiency and yarn quality is still challenging due to the sliding friction heat generated by the ring/traveler system, which limits the traveler speed and the yarn production rate. In this study, a finite element model based on the external heat source method was first used to explore the heat transfer process of the ring/traveler system. The reliability of the model was verified empirically. Subsequently, the validated model was used to analyze the effect of the model parameters on the temperature of the ring/traveler system. The results confirm that the high-temperature region of the ring and the traveler was concentrated on their contact area. More specifically the maximum temperature of the traveler was 159.2°C, which was almost three times the maximum temperature of the ring (62.6°C). In addition, smaller frictional coefficient and yarn tension, larger contact area and heat absorption rate, and better thermal conductivity can reduce the high local temperature of the ring/traveler system. Among them, yarn tension, friction coefficient, and heat absorption rate have a significant influence on the system temperature, especially for the small traveler. The developed model is also available for different fiber types and yarn counts which can be used for a comprehensive investigation of the heat transfer in ring spinning processes. The model and results of this study offer a theoretical basis for further optimizing the ring/traveler system and improving the productivity of ring spinning.