This paper describes a model for the spatial variation of the elastic modulus of parallel strand lumber (PSL) that is based on bending experiments and also describes a validated stochastic computational model that incorporates orthotropic elasticity and uncertainty in strand geometry and material properties. The PSL exhibits significant variability both within members and between members, but this variability is less than that of equivalent sawn-wood members, and decreases with increasing member size. The correlation length of the elastic modulus is found to be several meters and is independent of the cross-sectional size. The variance of PSL elastic modulus is found to scale inversely with the number of strands in the cross section. The validated computational model is flexible enough to allow preliminary exploration of the properties of new mixes of species and strand sizes in PSL material design.