With the widespread utilization of indium-phosphide-based high-electron-mobility transistors (InP HEMTs) in the millimeter-wave (mmW) band, the distributed and high-frequency parasitic coupling behavior of the device is particularly prominent. We present an InP HEMT extrinsic parasitic equivalent circuit, in which the conductance between the device electrodes and a new gate–drain mutual inductance term L
mgd are taken into account for the high-frequency magnetic field coupling between device electrodes. Based on the suggested parasitic equivalent circuit, through HFSS and advanced design system (ADS) co-simulation, the equivalent circuit parameters are directly extracted in the multi-step system. The HFSS simulation prediction, measurement data, and modeled frequency response are compared with each other to verify the feasibility of the extraction method and the accuracy of the equivalent circuit. The proposed model demonstrates the distributed and radio-frequency behavior of the device and solves the problem that the equivalent circuit parameters of the conventional InP HEMTs device are limited by the device model and inaccurate at high frequencies when being extracted.