In this study, a comprehensive correlation analysis of highly stretchable carbon nanotube (CNT)/polymer composites was conducted to predict the change in electrical conductivities in response to uniaxial deformation. To this end, the representative volume elements (RVEs) were generated by randomly distributing CNTs in a polymer matrix using a Monte Carlo simulation algorithm. The effective electrical conductivity was then calculated through a network model. Under uniaxial tensile strain, where the length of CNTs was maintained constant and their configuration kept straight, CNT translation and rotation were considered along with the effects of tensile strain and shrinkage, incorporating Poisson's ratio. The RVE configuration was updated to account for changes in the network under these conditions. To achieve a strong correlation between the simulation and test results from the previously published works, numerous trade-off studies have been conducted on the RVE size, geometric periodicity, the length of CNT fibers, the mixing ratio of CNT fibers of CNT/polymer composites, and tensile strain. From the results it can be seen that excellent correlations can be only achieved with careful control of the aforementioned parameters.