Electrospinning is a new state-of-the-art technology for the preparation of electrodes for solid oxide fuel cells (SOFC). Electrodes fabricated by this method have been proven to have an experimentally superior performance compared with traditional electrodes. However, the lack of a theoretic model for electrospun electrodes limits the understanding of their benefits and the optimization of their design. Based on the microstructure of electrospun electrodes and the percolation threshold, a theoretical model of electrospun electrodes is proposed in this study. Electrospun electrodes are compared to fibers with surfaces that were coated with impregnated particles. This model captures the key geometric parameters and their interrelationship, which are required to derive explicit expressions of the key electrode parameters. Furthermore, the length of the triple phase boundary (TPB) of the electrospun electrode is calculated based on this model. Finally, the effects of particle radius, fiber radius, and impregnation loading are studied. The theory model of the electrospun electrode TPB proposed in this study contributes to the optimization design of SOFC electrospun electrode.