Abstract: In response to the limitations of electromagnetic methods in detecting local damage in mining steel wire ropes, a dual-source magnetic detection method is proposed. It combines main magnetic flux and leakage magnetic flux, focusing on the design and simulation analysis of the dual-source magnetic circuit structure. Two schemes—a dual-source annular cylindrical excitation circuit and an independent separated excitation circuit—are examined for feasibility through finite element simulation. Structural parameters influencing magnetization effectiveness, such as armature circuit number, length, and height, are studied. Additionally, parameters affecting magnetic energy utilization, including permanent magnet grade, length, thickness, and lift-off value, are explored. The impact of bridge structure parameters on magnetic flux density distribution is investigated, emphasizing magnetic bridge lift-off value, thickness, and air gap effects. This analysis provides a foundation for developing electromagnetic detection probes, systems, and signal inversion techniques for practical applications in mining steel wire ropes.