The evolution of three major heat-resistant phases (δ-Al3CuNi, γ-Al7Cu4Ni, T-Al9FeNi) and its strengthening effects at high temperature in Al−Si piston alloys with various Fe/Ni ratios were studied using field emission scanning electron microscope (FE-SEM), electron probe microanalysis (EPMA), and X-ray diffraction (XRD). With the increase of Fe/Ni ratios, the heat-resistant phases begin to evolve in category, morphology, and distribution. The results show that a suitable Fe/Ni ratio will cause the T-Al9FeNi phase to appear and form a closed or semi-closed network with δ-Al3CuNi and γ-Al7Cu4Ni phases instead of the originally isolated heat-resistant phases. As a result, the ultimate tensile strength of the optimized alloy reached 106 MPa with a Fe/Ni ratio of 0.23, which was 23.3% higher than that of base alloy at 350 °C, which is attributed to the fact that a closed or semi-closed network microstructure is advantageous to the bearing of mechanical loads. This work may provide useful ideas for the development of high temperature resistant piston alloys.