Heat generation by internal loss factors of piezoelectrics is one of the critical issues for high power density piezoelectric applications, such as ultrasonic motors, piezoelectric actuators and transducers. There are three types of internal losses in piezoelectric materials, namely dielectric, elastic and piezoelectric losses. In this paper, a decoupled equivalent circuit is proposed to emulate a piezoelectric disk in radial vibration mode considering all three types of internal losses. First, the decoupled equivalent circuit is derived according to the conventional electromechanical equivalent circuit model. Then, a piezoelectric disk configuration in radial vibration mode is explored and simulated. The resonance and antiresonance frequencies and their corresponding mechanical quality factors are achieved by the proposed circuit. In order to verify the accuracy of the simulation results, the piezoelectric disk is fabricated and tested. Simulation results with the new circuit exhibit a good agreement with experimental results. Finally, the equivalent circuit with only dielectric and elastic losses are simulated and compared which further validates the accuracy improvement of the new equivalent circuit considering all three losses.