Dancer system is typically used equipment for attenuation of tension disturbances. In industrial converting machines, a composite type of dancer system is applied which is mixture of active and passive dancer. It includes feedback position control loop of roll with pendulum dancer and its characteristics is different from passive and active one. In this paper, a mathematical model of the pendulum dancer was derived including PI position feedback controller and it was analyzed by using a pole-zero map and bode plot under various conditions. It was found out that velocity, length of span and inertia were associated with the performance of regulation. It was suggested that the length of upstream span should be greater than that of the downstream and the inertia should be smaller for improvement of the performance. The results can be used for design guidelines of the industrial dancer system.