Modeling of hysteresis loops may be useful for the designers of magnetic circuits in electric machines. The present paper focuses on the possibility to apply the Harrison model to describe hysteresis loops of grain-oriented electrical steel subject to compressive stress. The model extension is achieved by introduction of an additional term into the equation that describes irreversible magnetization process. The extension term does not include a product of stress and magnetization, as could be anticipated from Sablik’s theory, applicable, e.g., to the Jiles–Atherton model. The present contribution points out the fundamental differences between the two aforementioned modeling approaches, which are based on different philosophies despite some apparent similarities. The modeling results are in a qualitative agreement with the experimental results obtained from a single sheet tester for a representative commercially available grain-oriented electrical steel grade 0.27 mm thick.