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Overwinding protection devices are used to brake hoisting containers before these containers reach a limited height, thereby preventing the hoisting containers from impacting the hoisting system. However, in ultra-deep shafts (depth > 1000 m), traditional overwinding protection methods fail to protect the hoisting system, because this type of hoisting system has a greater mass, kinetic energy, and inertia than the traditional hoisting system, and also the environment of ultra-deep shafts is more complex. This paper presents a novel overwinding protection method that applies a linear permanent magnet eddy current brake (LPMECB) to the hoisting system in ultra-deep shafts. This paper also finds the optimum setting parameter of permanent magnets (PMs). First, an analytical model of the LPMECB is built, and the time-domain signals of the braking force are processed via fast Fourier transform, confirming the mechanism of the optimum setting parameter. Subsequently, the simulations are conducted by establishing a finite-element model of the LPMECB; the simulations prove the existence of the optimum setting parameter of PMs and demonstrate the influence of the air gap, velocity, and conductivity on this parameter. Finally, the experimental studies are carried out on a test bench of the LPMECB to validate the analytical model and the simulation results. The results show the existence of the optimum setting parameter of PMs and prove that the air gap has an effect on this parameter.