Multiferroics are materials that electrically polarize when subjected to a magnetic field and magnetize under the action of an electric field. In composites, the multiferroic effect is achieved by mixing of ferromagnetic (FM) and ferroelectric (FE) particles. The FM particles are prone to magnetostriction (field-induced deformation), whereas the FE particles display piezoelectricity (electrically polarize under mechanical stress). In solid composites, where the FM and FE grains are in tight contact, the combination of these effects directly leads to multiferroic behavior. In the present work, we considered the FM/FE composites with soft polymer bases, where the particles of alternative kinds are remote from one another. In these systems, the multiferroic coupling is different and more complicated in comparison with the solid ones as it is essentially mediated by an electromagnetically neutral matrix. When either of the fields, magnetic or electric, acts on the ‘akin’ particles (FM or FE) it causes their displacement and by that perturbs the particle elastic environments. The induced mechanical stresses spread over the matrix and inevitably affect the particles of an alternative kind. Therefore, magnetization causes an electric response (due to the piezoeffect in FE) whereas electric polarization might entail a magnetic response (due to the magnetostriction effect in FM). A numerical model accounting for the multiferroic behavior of a polymer composite of the above-described type is proposed and confirmed experimentally on a polymer-based dispersion of iron and lead zirconate micron-size particles.