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It has also encouraged its Facebook followers to contact Glassons about the ad.
On the Glassons Facebook page, comments criticised the ad, with Victoria Heatherbell calling it an "exploitative marketing campaign" and Brendan Woodford-Robinson saying the ad promoted "the bullying and pushing around of innocent animals."
Glassons has not yet responded to questions from the Herald, or calls from SAFE for the ad's removal.
The Royal New Zealand SPCA's chief executive Ric Odom said the organisation did not support rodeo, or animals in entertainment in general.
"Rodeos do nothing for the animal but are entirely for the people taking part," he said.
The RNZSPCA was working with the New Zealand Rodeo Cowboys Association to ensure rodeos were as cruelty free as possible, and that the animals were looked after.
Mr Odom said he could not comment on the ad specifically as he had not seen it, but said using rodeo in advertising did not send a great message.
The latest criticism comes hot on the heels of last week's controversy where the company was lambasted for using skinny mannequins in its shops.
Glassons executive Graeme Popplewell said the company agreed its mannequins were unacceptable and he had ordered their removal from display in all stores.
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