In this paper, a single-event transient model based on the effective space charge for MOSFETs is proposed. The physical process of deposited and moving charges is analyzed in detail. The influence of deposited charges on the electric field in the depletion region is investigated. The electric field decreases in a short time period due to the neutralization of the space charge. After that, the electric field increases first and then decreases when the deposited charge is moved out. The movement of the deposited charge in the body mainly occurs through ambipolar diffusion because of its high-density electrons and holes. The derivation of the variation in electric field in the depletion region is modeled in the physical process according to the analysis. In combination with the ambipolar diffusion model of excessive charge in the body, a physics-based model is built to describe the current pulse in the drain terminal. The proposed model takes into account the influence of multiple factors, like linear-energy transfer (LET), drain bias, and the doping concentration of the well. The model results are validated with the simulation results from TCAD. Through calculation, the root-mean-square error (RMSE) between the simulation and model is less than 3.7 × 10−4, which means that the model matches well with the TCAD results. Moreover, a CMOS inverter is simulated using TCAD and SPICE to validate the applicability of the proposed model in a circuit-level simulation. The proposed model captures the variation in net voltage in the inverter. The simulation result obviously shows the current plateau effect, while the relative error of the pulse width is 23.5%, much better than that in the classic model. In comparison with the classic model, the proposed model provides an RMSE of 7.59 × 10−5 for the output current curve and an RMSE of 0.158 for the output voltage curve, which are significantly better than those of the classic model. In the meantime, the proposed model does not produce extra simulation time compared with the classic double exponential model. So, the model has potential for application to flow estimation of the soft error rate (SER) at the circuit level to improve the accuracy of the results.