The objective of this work was to develop a PSPICE-compatible equivalent circuit of a thermoelectric cooler (TEC). Equivalent circuits are convenient tools for power electronics engineers since they help in presenting a problem in electronic circuit terms and can assist in the design of power stages and the control circuitry and algorithms. A methodology is developed for extracting the parameters of the proposed model from manufacturers' data of TECs. The present model is compatible with PSPICE or other electronic circuit simulators. An important feature of the model is its ability to generate small-signal transfer functions that can be used to design feedback networks for temperature control applications. Several examples of successful utilization of the model are presented. Data of many different manufacturers were examined and the model parameters were extracted. In all cases, the model was found to reproduce accurately the performance of commercial TECs. The accuracy of the model was also verified by experiments.