Prediction of thermoelectric performance parameters by numerical methods is an inherent part of thermoelectric generator (TEG) development and allows for time-and cost-saving assessment of material combinations and variations of crucial design parameters (e.g., shape, pellet length, and thermal coupling). Considering the complexity of a TEG system and its numerous affecting factors, the clarity and the flexibility of a mathematical treatment comes to the fore. Comfortable tools are provided by commercial finite element modeling (FEM) software offering powerful geometry interfaces, mesh generators, solvers, and postprocessing options. We describe the level of development and the simulation results of a three dimensional (3D) TEG FEM. Using ANSYS 11.0, we implemented and simulated a TEG module geometry under various conditions. Comparative analytical one dimensional (1D) results and a direct comparison with inhouse-developed TEG simulation software show the consistency of results. Several pellet aspect ratios and contact property configurations (thermal/electrical interface resistance) were evaluated for their impact on the TEG performance as well as parasitic effects such as convection, radiation, and conductive heat bypass. The scenarios considered revealed the highest efficiency decay for convectionally loaded setups (up to 4.8%pts), followed by the impacts of contact resistances (up to 4.8%pts), by radiation (up to 0.56%pts), and by thermal conduction of a solid filling material within the voids of the module construction (up to 0.14%pts).