In this study, a 3D fracture locus of high-silicon steel strip was constructed through a series of fracture tests with specimens of various shapes and corresponding finite element (FE) simulations of the fracture tests. A series of FE analyses coupled with the developed fracture locus was conducted, and the effect of the secondary roll-bending ratio (defined as L2/R2, where L2 and R2, respectively, denote the secondary work roll barrel length and the radius of the convex curvature of the work roll surface profile emulating positive roll bending) and the initial notch length on edge cracking in the strip during cold rolling was investigated. The results reveal that the 2D fracture locus that does not include the Lode angle parameter (varying between −0.81 and 0.72 during cold rolling) overestimates the edge cracking in the range of 13.1–22.2%. The effect of the initial notch length on the length of crack grown in the transverse direction of the strip during cold rolling is greatest when the ratio L2/R2 is 0.12.