In dual traction power supply systems, the overhead catenary system operates in different power supply modes. It passes across the AC section, DC section, and a neutral part, which influences the features and properties of the feedback current and aggregates its effects on stray current and rail potential. This research paper presents an integrated model of an AC and DC traction power system (TPS), along with a unified chain equivalent circuit model, the ground wire through the AC section, and the insulation joints fixed in the AC–DC neutral section under different operating positions. To make a unified impedance and admittance matrix for traction network, a virtual conductor wire has been added in the DC section to make the balance order of the TPS. The influence of reflex system configuration on rail potential, stray current, and distribution of rail potential at AC and DC stations has also been calculated. The simulation results demonstrate that establishing the insulation joints in the AC–DC section and using ground wires in the AC part can significantly decrease the stray current and rail potential.