Harmonic drives are widely used devices in robotic and space applications. As for any device transmitting motion, its mechanical efficiency is one of the main concerns for the designer. In this paper, it is proposed a new model to estimate this significant feature. The proposed approach makes use of the kinematic correspondence between the harmonic drive and an epicyclic gear train. Although the authors introduced simple approximations to describe the complex tribological phenomena during harmonic drive teeth meshing, the numerical results match the trend of experimental evidence. In particular, assuming the harmonic drive working at the rated torque, the plots of the mechanical efficiency versus different parameters such as temperature and angular speed have been simulated.