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The objective of this work was to develop a SPICE compatible equivalent circuit of a thermoelectric module (TEM). A methodology is developed for extracting the parameters of the proposed model from manufacturers' data of thermoelectric coolers (TEC) and thermoelectric generators (TEG). The model could be helpful for analyzing the drive requirements of TEC and loading effects of TEG. The present model is compatible with PSPICE or other electric 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.