The streaming potential effect in soil-rock mixture (SRM) is related to the compactness and rock content, but there is no model to quantitatively describe this behavior. In this paper, the Kozeny–Carman (KC) equation is modified by using the compactness and rock content. Then, the modified KC equation is substituted into the equation of streaming potential coupling coefficient. A new modified model of streaming potential coupling coefficient that depends on the compactness, rock content, particle shape, and particle gradation is proposed. The reliability of the new modified model is tested by experiments, and the applicable scope of the model is obtained. The results show that when the rock content is 30%, the permeability coefficient prediction accuracy of the modified KC equation is higher in the range of 85–95% compactness. The new modified model of the streaming potential coupling coefficient represents well the control of the compactness (75–95%) on the coupling coefficient. When the compactness remains 85%, the permeability coefficient calculated by the modified KC equation in the range of 10–70% rock content is consistent with the experimental data. The influence of the rock content (10–90%) on the coupling coefficient is well described by the new modified model of the streaming potential coupling coefficient. The new modified model of streaming potential coupling coefficient is helpful to quantitatively evaluate the internal structure evolution of embankment dam by using streaming potential phenomenon.