Ternary composites composed of ZrB2, SiC, and Al2O3 with a broad composition range were produced by PTFE-activated combustion synthesis involving aluminothermic reduction of ZrSiO4, SiO2, and ZrO2. Two solid-state combustion systems were investigated: one comprised ZrSiO4, SiO2, Al, B4C, and C and the other consisted of ZrSiO4, ZrO2, Al, B4C, and B powders. It was required for the powder compacts to adopt 3 wt% PTFE as the reaction promoter to initiate and sustain their combustion reaction. The influence of the gas-phase diffusion transport induced by PTFE on the SHS process was confirmed and the activation mechanisms were proposed. With the assistance of PTFE, self-sustaining combustion was established with a distinct combustion wave characterized by a reaction temperature of 1210–1380 °C and a propagation velocity of 2.27–3.16 mm/s. Based on the XRD analysis, the products were ZrB2–SiC–Al2O3 composites with traces of Si, ZrO2, or ZrC. The synthesized products exhibited a granular morphology. The particle size of the composite powders was in the range of 1–2 μm.