Bulk acoustic wave-mediated magnetoelectric (ME) antenna is the most promising acoustically actuated ultra-compact antenna scheme at ultrahigh frequency (0.3–3 GHz). However, the relevant research is still exploratory, and the antenna’s multi-field coupling modeling and performance analysis are imperfect. This work presents a cellular model based on finite element simulation to analyze the radiation characteristics of the ME antenna integrated on a thin-film bulk wave resonator (FBAR). Compared with the finite difference time domain (FDTD) method, the cellular model has the advantages of simplicity and high universality. The effects of mechanical and dielectric losses of piezoelectric (PE) material and mechanical and eddy current losses of magnetostrictive (MS) material on radiation efficiency are analyzed through the intensive research of unit cells of four different material combinations. Results show that the mechanical quality factors and piezomagnetic stress constant are the key parameters to determine the radiation efficiency. Besides conductivity and permeability, eddy current loss is also closely related to the thickness of the MS layer. This study provides a theoretical foundation for enhancing the radiation performance of ME FBAR antennas and identifying areas for further development.