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The majority of classical Cepheids are binary stars, yet the contribution of companions' light to the total brightness of the system has been assumed negligible and lacked a thorough, quantitative evaluation. We present an extensive study of synthetic populations of binary Cepheids, that aims to characterize Cepheids' companions (e.g. masses, evolutionary and spectral types), quantify their contribution to the brightness and color of Cepheid binaries, and assess the relevance of input parameters on the results. We introduce a collection of synthetic populations, which vary in metal content, initial parameter distribution, location of the instability strip edges, and star formation history. Our synthetic populations are free from the selection bias, while the percentage of Cepheid binaries is controlled by the binarity parameter. We successfully reproduce recent theoretical and empirical results: the percentage of binary Cepheids with main sequence (MS) companions, the contrast-mass ratio relation for binary Cepheids with MS companions, the appearance of binary Cepheids with giant evolved companions as outlier data points above the period-luminosity relation. Moreover, we present the first estimation of the percentage of binary Cepheids in the Large Magellanic Cloud and announce the quantification of the effect of binarity on the slope and zero-point of multiband period-luminosity relations, which will be reported in the next paper of this series.