In this study, we propose a new equation that evaluates the shear strength of beam–column connections in reinforced concrete and steel beam (RCS) composite materials. This equation encompasses the effect of shear keys, extended face bearing plates (E-FBP), and transverse beams on connection shear strength, as well as the contribution of cover plates. Mobilization coefficients for beam–column connections in the RCS composite system are suggested. The proposed model, validated by statistical analysis, provided the strongest correlation with test results for connections containing both E-FBP and transverse beams. Additionally, our results indicated that Architectural Institute of Japan (AIJ) and Modified AIJ (M-AIJ) equations should be used carefully to evaluate the shear strength for connections that do not have E-FBP or transverse beams.