The electrical resistivity and thermoelectric power of (B i 0.8P b 0.2-yVy)2S r 2C a 2C u 3O10+δ pellets with 0≤y≤0.05 is reported between Tc0 and 300 K. Thermoelectric power values of all samples were found to be positive and increase almost linearly with decrease of temperature down to ~120 K, before falling to zero at Tc0. With increasing vanadium content in (Bi,Pb)-2223 compounds, the magnitude of both the electrical resistivity and thermoelectric power increases. General features, however, remain the same. The results have been discussed on the framework of a "three-state model". Our analysis shows an excellent agreement between the measured electrical resistivity and thermoelectric power data and those calculated using the three-state model.