Hybrid PTFE/epoxy composites are widely used as materials for self-lubricating spherical bearing which are used in a high-temperature environment. In the present work, zirconium diboride (ZrB2) particles are incorporated to enhance high-temperature tribological properties of PTFE/epoxy composites. Pin on disc experiment is conducted with the aid of design of experiments (DOE) using central composite-response surface methodology (RSM). Under a load of 40 N and 1.25 m/s sliding speed, the optimum content 5.95 vol% of PTFE and 5.05 vol% of ZrB2, yields an ultralow coefficient of friction (COF) in conjunction with a low wear rate of the composite. The addition of ultra-high-temperature ceramic ZrB2 particles and solid lubricant PTFE is found to enhance the thermal conductivity and improve the heat transfer thereby reducing contact temperature. The use of optimum composition of the composite is capable of reducing the wear rate and high local temperature due to friction, implying its potential use as a self-lubricating spherical bearing liner material.