With technological advancements and developments of Terahertz (THz) radiation and associated components are attracting researchers over the globe and gaining momentum due to its benefits over wireless media for various applications of identification, sensing, tracking in a wide variety of fields. THz waveguides can act as a key component for THz communication systems for wireless applications. The proposed dielectric stripe based THz Waveguide is planned for 3 THz and constructed using high-density polyethylene (HDPE), Graphene, Aluminum Gallium Arsenide (AlGaAs) and Gallium Arsenide (GaAs). A stripe is introduced between high-density polyethylene and distributed Bragg reflector. A monolayer of Graphene 2.5 nm thickness is sandwiched between two layers of high-density polyethylene. The characterization is done based on the materials used in building the components of a waveguide, which includes – GaAs, HDPE, and Monolayer graphene, AlGaAs.