Corrosion-induced cracking and bond degradation of concrete can lead to retraction slip and changes in the transfer length of prestressed steel strands. Simulating the retraction effect of corroded prestressed steel strands remains a challenging area of research. This paper establishes a numerical model of corroded prestressed concrete (PC) components based on cohesive contact elements, analyzing the effects of different corrosion locations and corrosion rates. The model"s validity was confirmed using existing experimental data. The results indicate that the cohesive contact model effectively simulates the retraction effect of prestressed steel strands under localized corrosion. The retraction slip at the cutting end of the steel strand increases with the corrosion rate; compared to uncorroded components, the retraction slip increased by 16.10% when the corrosion rate at the end was 35%. When the localized corrosion rate reached 35%, the transfer length increased by 30.6%. As the corrosion location moved from the end towards the mid-span, the impact of localized corrosion on the transfer length gradually weakened.