Vibrations generated by mechanical equipment are the main source of radiation noise for ships. In actual systems, there are multiple transmission paths for mechanical vibrations from the equipment to shell. Common paths include vertical support structures, such as vibration isolators, and lateral attachment structures, such as pipes. However, most existing models only consider a single-path scenario. Multi-path systems have more complex modal and vibration transmission characteristics and introduce more complex coupling problems. There is a lack of theoretical modeling and physical analyses of common multiple transmission systems in ships. In this study, a theoretical model of an equipment–shell multiple-transmission-path system with an attached liquid-filled pipe is established as a typical multiple-transmission-path system for ships. In this model, the liquid-filled pipe is solved using a newly proposed traveling-wave method based on Kennard shell theory. Based on the theoretical model, the effects of each type of traveling wave on the pipe on the system modal characteristics, the mechanism behind each path on the system coupling characteristics, the influence of structural parameters on system modal and vibration transmission characteristics, and the proportion of vibration transmitted by the two transmission paths are analyzed. This study provides theoretical insights and guidance for practical vibration and noise reduction engineering.