This study examines the effect of silicon and manganese addition on the phase composition and electrical properties of Al-Fe alloys using both experimental methods and thermodynamic modeling with the ThermoCalc software package. This research focuses on the Al–Fe–Si–Mn system, which shows potential for developing conductive aluminum alloys with enhanced performance characteristics. It was found that when silicon and manganese are added in amounts up to 0.6%, the formation of intermetallic phases such as Al₈Fe₂Si and Al₁₅Mn₃Si₂ occurs. These phases significantly influence the electrical conductivity and mechanical stability of the alloy. Thermodynamic modeling proved effective in predicting phase formation, guiding the selection of alloy compositions, and optimizing heat treatment parameters. The optimal composition for a conductive aluminum alloy includes up to 0.8% Fe, 0.5% Si, and 0.6% Mn. Heat treatment in the range of 500–550 °C resulted in a favorable combination of strength, electrical conductivity, and thermal resistance. The findings support the use of Al–Fe–Si–Mn alloys in electrical and structural applications and demonstrate the value of combining computational and experimental approaches in alloy design.