Ultracapacitor is a new electrical energy storage device which has high power density than conventional battery and capacitor. It offers high capacitance in small volume compared to conventional capacitors. While selecting ultracapacitors for various applications, parameters like specific resistance, internal capacitance, pulse current, energy density are required to be considered. Amongst these factors, specific capacitance of ultracapacitor depends mainly on parameters of electrode. The present paper is focused on modeling of ultracapacitor based on variations in some of the electrode parameters. The objective of present research work is to apply a statistical method to obtain an electrode material based model for prismatic type ultracapacitor. To have deep insight about the performance through modeling approach, the number of trials have been taken by doing the variations in the electrode materials of ultracapacitor and the quantity of the electrode material loaded on the current collector. The effect of both these variations is studied over the specific capacitance, which is taken as output parameter of model. Developed model is validated at selected values of input parameters.