We have demonstrated modeling of phonon and defect-induced spin relaxation length (LS) in Fe3O4 and organic semiconductor (OSC) Alq3. LS of Alq3 decreases with enhanced disorder and film thickness at a low film width regime. Exponential change of LS at low width regime is found for Alq3 which is, however, absent for Fe3O4 indicating comparable spin-dependent scattering and LS in Fe3O4. LS also decreases with spin-flip probability both for Alq3 and Fe3O4. Voltage-dependent tunnel magnetoresistance (TMR) response in Fe3O4/Alq3/Co and La0.7Sr0.3MnO3 (LSMO)/Alq3/Co hybrid magnetic tunnel junction (MTJ) devices has been attributed to modified spin filter effect across magnetic/OSC junction at high bias regime. TMR reduction with Alq3 thickness for Fe3O4 device has been attributed to spin relaxation at the organic spacer layer. A low bias peak from differential TMR indicates spin-polarized injection for both MTJ devices. Enhanced in-plane spin transfer torque for both MTJ is associated with modified spin filtering at magnetic/OSC junctions. Lower TMR signal for LSMO device indicates reduced tunneling and enhanced carrier injection across the OSC, which is also supported by the band structure profile. The TMR response observed from simulation results matches well with previously reported experimental results. Higher TMR response for Fe3O4 device indicates the possibility of device employment in room temperature magnetic recording applications.