Epoxidized soybean oil was incorporated as a co‐matrix into an epoxy resin, and the hybrid resin system was used for preparing glass fiber‐reinforced composites. Effect of addition of poly(vinyl chloride) plastisol and selected particulate fillers (fly ash and wood flour) to epoxy/epoxidized soybean oil matrix on mechanical and water uptake properties of glass fiber‐reinforced composites were studied. Fourier transform infrared spectroscopy was used to reveal the curing state of these composites. It was observed that tensile strengths and moduli decreased with the inclusion of all additives. However, addition of poly(vinyl chloride) plastisol, fly ash, and wood flour particulate fillers showed significant increase in impact strengths compared with neat epoxy composite in a synergistic manner. Water uptake results of the composites were found to be in good agreement with OH peak intensities obtained from Fourier transform infrared spectroscopy. Finally, acousto‐ultrasonic nondestructive technique was successfully used to assess damage states and to relate stress wave factors with tensile strength properties of modified epoxy‐based glass fiber composites. © 2014 Wiley Periodicals, Inc. J. Appl. Polym. Sci. 2014, 131, 40586.