In this work, we prepared thermoplastic silicone rubber (TPSiV) by dynamically vulcanizing different relative proportions of methyl vinyl silicone rubber (MVSR), styrene ethylene butene styrene block copolymer (SEBS), and styrene butadiene styrene block copolymer (SBS). The compatibility and distribution of the MVSR phase and SEBS/SBS phase were qualitatively characterized by Fourier transform infrared spectroscopy (FTIR) and scanning electron microscopy (SEM) tests on TPSiV. Subsequently, the backscattered electron signal image was analyzed using a colorimeter, and it was found that the size of the interface layer between the MVSR phase and the SEBS-SBS phase could be quantitatively characterized. This method overcomes the defect of the etching method, which cannot quantitatively analyze the size of the compatible layer between the two polymers. The final experiment proved that the two phases in TPSiV exhibited a “sea-island” structure, in which the MVSR phase acted as a dispersed phase in the SEBS-SBS phase. In addition, the addition of the silane coupling agent KH-907 (γ-isocyanatopropyltriethoxysilane) improved the mechanical properties of TPSiV, increasing the tensile strength by about 40% and the elongation at break by 30%. The permanent tensile deformation increase rate was about 15%. Through the quantitative measurement of the compatible layer, it was found that KH-907 could increase the thickness of the interface layer between the MVSR phase and the SEBS-SBS phase by more than 30%, which explained why the silane coupling agent KH-907 improved the mechanical properties of TPSiV at the micro level.