During the development of oil reservoirs, a rapid increase in water cut following reservoir flooding leads to inefficient or ineffective circulation of injected water, rendering a significant portion of the remaining oil in the reservoir inaccessible. The displacement method using polymer particle dispersion systems effectively solves the issue of rapid water breakthrough in oil reservoirs. Owing to the particle phase separation phenomenon, polymer particles can selectively penetrate into the larger pores where water circulation is inefficient, enhance their flow resistance, and thereby achieve equilibrium displacement along with an increased swept volume. This paper investigates the heterogeneous distribution of polymer particles within a porous medium, incorporates the red blood cell dendrite concentration distribution theory from biological fluid mechanics, and develops a mathematical model to delineate the viscosity characteristics of polymer particle dispersion systems, taking into account the phase separation phenomenon. Building on this foundation, it formulates a capillary bundle model for the polymer particle dispersion system specifically designed for oil displacement and proceeds to determine its relative permeability curve. Simulation outcomes reveal that at a water saturation level of 0.063, the concentration of polymer particles in fractured large pore capillaries is markedly elevated, yet capillaries with a pore size under 26 μm remain devoid of polymer particles. With the increase of water saturation, the concentration of polymer particles in large pore capillaries reduces, whereas it progressively augments in medium pore capillaries. Upon reaching a peak water saturation of 0.751, capillaries smaller than 18 μm are entirely free of polymer particles. These findings suggest that the heterogeneous distribution of polymer particles markedly inhibits the percolation capabilities of the dispersed system following a water phase breakthrough, facilitating the entry of more dispersion into oil-laden capillaries and thus enhancing the flow capacity of the oil phase.