PZT/Polymer composites with various polymer content and connectivity patterns have been manufactured for hydrophone applications. The composites were investigated in terms of permittivity, hydrostatic charge (d(h)), voltage (g(h)) coefficients and hydrostatic figure of merit (d(h).g(h)) with varying polymer content. The results are compared with analytical and numerical models. The composite with 80% polymer content showed an improved hydrostatic figure of merit compared to the monolithic PZT. Although the numerical and analytical models are generally in good agreement with the experimental work, the experimental results are lower than those predicted by the proposed model. The discrepancies are discussed in terms of composite microstructure, connectivity and measured permittivity.