This paper presents a new algorithm for fast and accurate analysis of stripe Multiple Quantum Well (MQW) waveguides. The technique is based on the combination of effective index and finite element methods. First, the stripe MQW structure is replaced by an equivalent planar waveguide, using the effective index method to derive the refractive index profile of the planar guide from the original problem. The propagation constants and field intensity profiles of Emnx and Emnv modes for the equivalent structure are then calculated with the finite element method. The results obtained with this technique are given for both the symmetric as well as asymmetric stripe MQW structures with an arbitrary number of wells and different values of the width.