The high usage ratio and elevated density of glass fibers (GFs), often surpassing twice that of polymers, can contribute to undesired increases in the overall density of polymeric materials. One potential solution is the incorporation of graphene as a secondary additive, offering a lower specific gravity and exceptional mechanical properties. In light of this, waste tire-derived graphene nanoplates (GNPs) were optimized for coating onto GFs by considering factors such as surface treatment of the fiber, the dispersion quality of GNP, and the coating technique. The resulting GNP-coated GF (GNP-c-GF) was initially incorporated into pure polypropylene (PP) at low weight percentages (0.1−1 wt %), and 31% increase in the tensile modulus was achieved compared to neat PP. Subsequently, 1 wt % GNP-c-GF was utilized as a compatibilizer in PP/GF/GNP composites to enhance the compatibility between GNP and GF. By strategically incorporating GNP and GNP-c-GF at a lower GF ratio, the detrimental impact on the tensile modulus of 30% GF-filled PP was effectively mitigated, leading to a remarkable enhancement to an impressive value of 5658 MPa. The successful integration of GNP and GNP-c-GF exemplifies their promising potential as additives for achieving superior mechanical properties in composite materials, while concurrently promoting the utilization of recycled content.