Micromechanics based models are used for the effective estimation of elastic properties of polymer matrix composites. This paper presents a novel and efficient micromechanical computational approach for effective estimation of elastic properties of polymer matrix composites. The strategy begins with the review of some notable micromechanics based models and then to bridge the gap between the limitations of these models. The analytical study based on Mori-Tanaka estimates for the effective estimation of elastic coefficients is carried out. Finite Element (FE) simulations using Representative Volume Element (RVE) are outlined in order to verify analytical results. It was found that Mori-Tanaka estimates and FE predictions are in agreement. Mori-Tanaka model predicts the values accurately for lower volume fractions due to dispersion approximations. However, the extent of elastic coefficient estimates at large volume fractions with inclusion of Eshelby’s tensor in Mori-Tanaka method is still regarded as open for the future advancement of this work.