InGaN/GaN green micro‐light‐emitting diode (micro‐LED, μLED) arrays with varying device sizes down to 4 μm are fabricated and characterized. The size effects on current‐voltage and capacitance‐voltage characteristics are analyzed showing minimal sidewall effects only at low bias. The influence of pulse modulation frequency on luminance is also characterized and the effect of diode negative capacitance is discussed. Subsequently, a universal and comprehensive compact model for μLEDs are built based on these findings, which covers the capacitance frequency dispersion and size scaling effects. This work reveals the significance of frequency in the display driving strategy and provides design enablement for μLED micro‐display applications including augmented/mixed reality (AR/MR).