Micromechanics models of composite materials are preferred in the analysis and design of composites for their high computational efficiency. However, the accuracy of the micromechanics models varies widely, depending on the volume fraction of inclusions and the contrast of phase properties, which have not been thoroughly studied, primarily due to the lack of complete and representative experimental data. The recently developed microstructure-free finite element modeling (MF-FEM) is based on the fact that, for a particulate-reinforced composite, if the characteristic size of the inclusions is much smaller than the composite representative volume element (RVE), the elastic properties of the RVE are independent of inclusion shape and size. MF-FEM has a number of advantages over the conventional microstructure-based finite element modeling. MF-FEM predictions have good to excellent agreement with the reported experiment results. In this study, predictions produced by MF-FEM are used in replace of experimental data to compare the accuracy of selected micromechanics models of particulate composites. The results indicate that, only if both the contrasts in phase Young’s moduli and phase Poisson’s ratios are small, the micromechanics models are able to produce accurate predictions. In other cases, they are more or less inaccurate. This study may serve as a guide for the appropriate use of the micromechanics models.