For atomic scale plasma processing involving precise, (an)isotropic and selective etching and deposition, it is required to precisely control the energy of the plasma ions. Tailored waveforms have been employed to bias the substrate table to accurately control this ion energy. Recent research has shown that switched-mode power converters can be used to generate this kind of waveform, with the benefit of increased energy efficiency and flexibility compared to the traditionally used linear amplifiers. In this article, an improved equivalent electric circuit model of the plasma reactor is proposed to allow simulation and bias waveform optimization. The equivalent circuit is analysed for different process phases, including the charge, discharge and post-discharge phase. The proposed model is suitable for electric circuit simulation and can be used for predicting the electric waveforms and ion energy distribution. Plasma parameters are required as input for the model, thus an empirical parameter identification method based on the electric measurements of the bias voltage and output current waveforms is introduced. Since these electrical measurements do not interact with the plasma process, the proposed parameter identification method is nonintrusive. Experiments have been carried out, which demonstrate that the proposed model and parameter identification method provide the expected accuracy.