An Equivalent Substructure Modeling (ESM) approach of laminated composite plates with integrated macro-fiber composite (MFC) transducers is described. The proposed approach generates structure-preserving low-order system models for dynamic applications such as vibration suppression and energy harvesting. The direct piezoelectric effect of MFC transducers is derived from the electrical boundary conditions and it has the same coupling patterns as equivalent forces which describe the inverse piezoelectric effect. Hence, the reversibility of the piezoelectric effect is ensured and the electrical dynamics of the system can be simulated. The dual electromechanical couplings are assigned to a low-order structural model generated by an equivalent substructure concept. A laminated composite plate with integrated MFC transducers is used for validations and the simulated results agree well with experimental data. Two given study cases demonstrated that the ESM approach not only can generate accurate low-order system models but also provides a flexible fashion to design piezoelectric composite systems.