The universal attributes of piezoelectric transformers were investigated. Analysis that yielded closed form equations relating the normalized load resistance to the voltage gain, output power per unit drive and efficiency was used. The closed form formulas developed could be invaluable when studying practical piezoelectric transformer applications. The equations developed in this study reveal some universal relationships between key parameters of a piezoelectric transformers. The physical trade-off can be used to optimize the design of a piezoelectric transformer for a given application.