Regarding the impacts of failures among elevator components, a combination model based on decision-making trial and evaluation laboratory (DEMATEL) and interpretation structural model (ISM) was proposed to establish the hierarchical model for elevator component failure. The method of determining the direct impact matrix was enhanced. Firstly, the evaluation of the elevator-component fault correlation was obtained from various aspects. Secondly, the entropy weight method (EWM) was used to determine the weight of the evaluation and calculate the direct impact matrix. Finally, the elevator-component failure correlation model was utilized to derive the elevator-component failure causality and failure transmission rules. The results show that the motor, brake and speed limiter are strong-cause components, while the traction rope, car and guidance system components are strong-effect components. The elevator-component failure correlation rules manifest as either same-level or cross-level transmission. Through an analysis of component failure mechanisms, the fault transfer rules obtained through the proposed method align with the actual operation of the elevator system.