The sine tooth profile reducer has high bearing capacity, high transmission efficiency, and small size. The meshing characteristics of gear transmission have a significant impact on its bearing capacity and transmission efficiency. In this paper, a mathematical model for the meshing characteristics of sinusoidal tooth profile planetary reducer is proposed. Based on it, equations of the relative sliding speed, sliding rate, and entraining speed of the sine tooth profile planetary reducer are deduced. Using these equations, the relative sliding speed, sliding rate, and entraining speed of the sine tooth profile planetary reducer and their changes with the system parameters are then studied. Finally, the obtained results are compared with those of the involute gear reducer, which illustrates the superiority of the meshing characteristics for the sinusoidal tooth profile planetary reducer. This study lays a theoretical foundation for the parameter design, lubrication state optimization and efficiency prediction of the sine gear reducer.