As thermoelectric coolers (TECs) have become highly integrated in high-heat-flux chips and high-power devices, the parasitic effect between component layers has become increasingly obvious. In this paper, a cyclic correction method for the TEC model is proposed using the equivalent parameters of the proposed simplified model, which were refined from the intrinsic parameters and parasitic thermal conductance. The results show that the simplified model agrees well with the data of a commercial TEC under different heat loads. Furthermore, the temperature difference of the simplified model is closer to the experimental data than the conventional model and the model containing parasitic thermal conductance at large heat loads. The average errors in the temperature difference between the proposed simplified model and the experimental data are no more than 1.6 K, and the error is only 0.13 K when the absorbed heat power Q
c is equal to 80% of the maximum achievable absorbed heat power Q
max. The proposed method and model provide a more accurate solution for integrated TECs that are small in size.