The utilization of steel-fiber reinforced polymer (FRP) composite bars (SFCBs) reinforcement in precast concrete structures offers numerous benefits, including controllable post-yield stiffness and reduced residual displacement. Employing bundled reinforcement can improve construction efficiency. This study presents direct pull-out tests conducted on SFCBs embedded in grouted corrugated ducts. The results show that bond strength decreases with both the number of bars in a bundle (nb) and the actual embedded length (la). The bond strength of single bar SF-1b-3d with 3d embedded length is 24.21 MPa, while that of 2-bar bundled SF-2b-3d and 3-bar bundled SF-3b-3d is 17.41 MPa and 12.61 MPa, respectively. Additionally, the error in predicting the bond strength between bundled SFCBs and grouted corrugated duct using the equivalent diameter method is found to be less than 8.4%. Utilizing the mBPE constitutive model, an analytical hardening-slip model with a linear slip field assumption accurately predicts the full-range behavior, bond stress distribution, and SFCB's axial stress distribution. Furthermore, the effects of different parameters on yield slip sy, ultimate slip su, and critical anchorage length Ltr are investigated by considering different local bond-slip constitutive models (varying peak bond strength τm and its corresponding slip sm and ascending section coefficient (α) as variables. The yield slip sy varies from 0.1 mm to 1.3 mm, while the ultimate slip su can reach a maximum of 35.0 mm. Furthermore, the validity of existing models for evaluating the anchorage length of single SFCB and bundled SFCBs grouted in corrugated duct connections is discussed, and a formula to estimate the critical anchorage length of bundled SFCBs and grout considering the number of bars within one bundle (nb) is proposed.