A component of a slip assembly is formed by rolling sheet molding compound into a rolled charge. The rolled charge is positioned in a compression molding press and compressed to produce a molded element. The molded element is removed from the compression molding press and can be machined for use as the component of the slip assembly. The component can be a slip segment or can be a cylindrical body for the slip segment. The compound layers in the molded component can be oriented in a number of different orientations in the component and can increase the overall strength of the component.