A comprehensive analysis of the relationship between transfer length and slip of different types of prestressed fiber reinforced polymer (FRP) reinforcement is provided. The results of the transfer length and slip together with the main influencing parameters of approximately 170 specimens prestressed with different FRP reinforcement were collected. After the analysis of a larger database of transfer length versus slip, new bond shape factors were proposed for carbon fiber composite cable (CFCC) strands (α = 3.5) and carbon fiber reinforced polymer (CFRP) bars (α = 2.5). It was also determined that the type of prestressed reinforcement has an influence on the transfer length of the aramid fiber reinforced polymer (AFRP) bars. Therefore, α = 4.0 and α = 2.1 were proposed for AFRP Arapree bars and AFRP FiBRA and Technora bars, respectively. Moreover, the main theoretical models are discussed together with the comparison of theoretical and experimental transfer length results based on the slip of reinforcement. Additionally, the analysis of the relationship between transfer length and slip and the proposed new values of the bond shape factor α have the potential to be introduced in the production and quality control processes of precast prestressed concrete members and to stimulate additional research that increases the understanding of the transfer length of FRP reinforcement.