A high-fidelity dynamic finite element model of a one-pulley belt-drive system is used to study how Coulomb friction coefficient and adhesion stress affect belt stick-slip events over driver and driven pulleys. The model shows that at Coulomb friction coefficient below a certain critical value, the belt undergoes pure sliding in the slip arc on driver and driven pulleys with no stick-slip dynamic events. Above that critical friction coefficient value dynamic stick-slip events start to occur in both driver and driven pulleys resulting in torque pulses, which for practical belt-drives may cause nonsmooth operation, excessive belt noise and/or excessive belt wear. For driver pulleys the dynamic stick-slip events are in the form of Schallamach waves, while for driven pulleys the dynamic stick-slip events are in the form of expansion pulses. The model results are validated using recently generated experimental results.