As a key element in the power transmission of heavy machinery, the wet friction component is essential for maintaining the safe and stable operation of mechanical systems. Its frictional behaviour directly influences transmission efficiency, which makes the study of its wear-related failure particularly important. In particular, the steel disc is composed of 65Mn steel, whereas the friction disc is fabricated from a copper-based powder metallurgy material. This study develops an elastohydrodynamic lubrication (EDL) model based on the microscopic contact characteristics under mixed lubrication, aiming to explore the interface topography and coefficient of friction (COF) of a circularly micro-textured friction component. Furthermore, a statistical model of microscopic wear failure probability (MWFP) is established using a limit state function and Monte Carlo simulation to analyse the microscopic wear failure of the friction component. Test data are used to validate the accuracy of both models. The results show that the EDL model accurately predicts the interface morphology and overall COF of the friction component, while the MWFP effectively estimates the probability of wear failure. Finally, this study examines the surface wear mechanisms exhibited by the micro-textured friction components during testing, particularly copper transfer and self-healing behaviour within the friction material.