Composite mixtures with various component concentrations are fabricated by the thermal pressing of low-density polyethylene and Bi_2Te_3 in the powder-like state with a nanocrystal size of ~50 nm. These samples preliminarily characterized by X-ray diffractometry and Raman spectroscopy are investigated by spectroscopic ellipsometry in a photon energy range of 1–6 eV. The dielectric functions for composites with a nominal Bi_2Te_3 weight concentration of 5, 10, 30, 40, 50, 60, and 70% are calculated based on the measured optical constants of polyethylene and the Bi_2Te_3 crystal in the approximation of the Bruggeman effective medium. The analysis of depolarization features of reflected light makes it possible to establish the actual inhomogeneity of the composite samples under study caused by the clusterization of nanocrystallites with an increase in the Bi_2Te_3 weight concentration in polyethylene and propose the most reliable optical model of the formed composites.