Steel rolling bearings, widely used for example in wind turbines, are susceptible to premature failure caused by two fracture-related phenomena known as white etching cracks (WEC) and fine-granular areas (FGA). Potential common formation mechanisms of these failure modes are currently being investigated within the joint research project DFG FOR 5701 using combined experimental and numerical methods. This work focuses on the interaction between WECs/FGAs and non-metallic inclusions and presents a numerical study of the mechanical fields around inclusions embedded in a 100Cr6 steel matrix, with particular emphasis on fracture-relevant stress concentrations. The numerical approach combines a finite element representation of a heterogeneous matrix–inclusion domain with a phase-field fracture model. The analysis assumes isotropic material behavior, quasi-static loading conditions, and geometrically linearized strains. Plastic hardening of the steel matrix is captured by an elasto-plastic constitutive model, while the typically stiffer inclusions are modeled as linear-elastic. The results show that the proposed framework predicts different locations of stress concentration and crack initiation as a function of the inclusion material properties.