In-depth knowledge of the coupling between grain refinement and the transformation-induced plasticity (TRIP) effect in metastable alloys is a viable approach for the improvement of strength-ductility synergy, which needs systematic research with consideration of commercial austenitic stainless steels and novel high-entropy alloys (HEAs). Accordingly, in the present work, two Si-containing metastable HEAs in the Fe47Co30Cr10Ni5V8-xSix system (x = 3 and 6 at.%) were designed, and the TRIP-assisted AISI 304L stainless steel was also considered for comparison. The alloys were processed by cold rolling and annealing to obtain different grain sizes. Reducing the stacking fault energy (SFE) through adjusting chemical composition contributes to minimizing the detrimental effect of grain refinement on the ductility of TRIP alloys, while extremely low SFE must be avoided owing to the fast kinetics of deformation-induced martensitic phase transformation, which leads to the deterioration of ductility. In contrast to AISI 304L stainless steel, a strong TRIP effect was maintained upon grain refinement in the Fe47Co30Cr10Ni5V2Si6 HEA due to the remaining apparent SFE in the appropriate TRIP range. The tuned kinetics of martensitic transformation was found to be responsible for the exceptional ductility (∼65%) of Fe47Co30Cr10Ni5V2Si6 HEA at an ultrahigh tensile strength of 1250 MPa. Therefore, considering the identical trend of SFE with grain size, an appropriate initial SFE value is important for tuning the grain size dependency of the TRIP effect. Moreover, the ultrahigh strength was attributed to the high volume fraction of α΄-martensite as well as the high strength of the martensite phase due to the high Si content. Accordingly, for achieving strong-yet-ductile HEAs, a high Si content is recommended to benefit from solid solution strengthening in the martensite phase, a specially-designed chemical composition is needed for attaining a high volume fraction of α΄-martensite, and SFE should be in a desirable range to tune the kinetics of martensitic phase transformation.