In this study, the previous bundle-based concept, in which the impregnated fiber bundle is considered as a basic element, was adopted to model unidirectional hybrid fiber-reinforced polymer (FRP) composites in a full-scale manner. Hybrid composites with carbon and basalt fibers were modeled and validated using previous experimental data. A comprehensive parametric study of the constituent properties was performed to determine their sensitivities to overall behaviors. On this basis, an optimization framework was developed to reflect the integrative performance and cost-performance of hybrids. The simulation obtained a saturation point of the matrix shear strength of approximately 70 MPa, beyond which the overall behavior rarely changed. A dispersed arrangement of the fiber bundles could significantly delay the damage propagation and enhance the overall behavior only at low contents of high-elongation fibers. In the present case, the mean ultimate strength can be improved from 1063 MPa to 1315 MPa. The sensitivity analysis indicated that for the elastic moduli of fibers, carbon fiber strength, and Weibull shape parameter of basalt fibers, trade-offs must be considered to balance the overall ultimate strain, strength, ductility, and hybrid effect. The bundle-based modeling concept provides a fast and convenient approach to evaluate the global behavior of hybrids.