This is difficult to do exactly because the probabilities are all correlated: a small number of small "primes" will lead to more big "primes", and vice versa. The answer at stackoverflow ignores these correlations, yet gets quite close to the value for $k=1000$ ($0.1227$ instead of $0.1199\pm0.0003$ as determined by computer simulation), so it seems it's a reasonable approximation to model the probabilities as independent.
Doing so actually yields a much simpler recursion than the one used in the stackoverflow answer: $k+1$ has exactly the same chances of getting marked "composite" as $k$, and if $k$ is "prime" it has an additional chance during the $k$-th iteration, with probability $1/k$. Thus the probabilities $p_k$ of $k$ being "prime" satisfy the recursion relation
$$p_{k+1}=p_k\left(1-\frac{p_k}k\right)\;.$$
We can rewrite this as
$$p_{k+1}-p_k=-\frac{p_k^2}k$$
and approximate it by a differential equation:
$$p'=-\frac{p^2}k\;,$$
whose general solution is
$$p=\frac1{c + \log k}$$
with an arbitrary constant $c$, which is influenced by the approximation errors for small $k$. From $p_{1000}\approx0.12$ we get $c\approx1.43$, so a good approximation is given by
$$p_k\approx\frac1{1.43+\log k}\;.$$
Here's a plot of the values up to $p_{1000}$, which shows rather satisfactory agreement (red: model, green: simulations):

Thus, the probabilistic sieve asymptotically behaves like the actual prime sieve.