To achieve superelasticity in Fe-based alloys, a certain combination of matrix strengthening, precipitation hardening, and microstructural texturing is required. CALPHAD methods are employed here to examine compositions in NCAXB-type ferrous alloys. In Fe-Ni-Co-Al-X-B (X= Ta, Cr, Nb, V, or W) superelastic alloys, the gamma prime ((Fe, Co, Ni)3(Al, X)) phase is available for precipitation strengthening, in addition to matrix solid solution strengthening; both of which are tracked in the CALPHAD modeling. The hardness of Fe-Ni-Co-Al-X-B alloys was measured after aging at different temperatures and times. Tensile tests show that the strength of the gamma matrix affects the stress-induced martensitic (SIM) transformation. XRD results shows that the value of tetragonality (c/a) also has an effect on the SIM transformation. The coherency relationship between gamma-prime particles and the gamma matrix is discussed in Fe-based superelastic alloys to elucidate its effect on SIM, and the Clausius-Clapeyron relationship in current alloys is evaluated.