Present work designs and develops lead magnesium niobate-lead titanate (PMN-0.3PT) and polydimethylsiloxane (PDMS) based flexible piezoelectric-polymer composites for efficient mechanical energy harvesting through a combined experimental-theoretical approach. Solid-state reaction method was employed to synthesize PMN-0.3PT piezo-ceramic, which was subsequently used for the fabrication of vr-PMN-0.3PT/PDMS piezoelectric-polymer 0-3 composite with different volume fractions, vr = 0.03, 0.25, and 0.50 of PMN-0.3PT reinforcement. Uniformly distributed PMN-0.3PT particles were found to retain their structural symmetry across the volume fractions and are well adhered to the PDMS matrix. The- effective electromechanical properties of the composites were measured and compared with model predictions employing the finite element method and Eshelby-Mori-Tanaka (EMT) based micromechanical models. Considering that flexibility is a critical design parameter, we propose a new figure of-merit term- that would consider both electromechanical conversion as well as mechanical flexibility of the material. We show that vr = 0.5, PMN-0.3PT/PDMS 0-3 composite yields an optimum combination of energy harvesting performance and flexibility. Our study further demonstrates that the orientation of the PMN-0.3PT particles does not significantly influence the effective elastic and dielectric properties at low and moderate PMN-PT content, attributed to the lower aspect ratio of the reinforcement particles. The piezoelectric charge coefficient showed small yet finite change with increasing reinforcement content. A maximum current density, 35 nA/cm2, and electric field, 90 V/cm was obtained with cyclic compressive stress of 0.22 MPa (Force, 50 N) at 5 Hz, in a piezoelectric generator based on vr = 0.5.