The magnetic equivalent circuit (MEC) analysis of a VLF/ULF transmitter based on reluctance modulation of the medium surrounding a permanent magnet is presented in this paper. To investigate the structure, the transmitter's MEC is interpreted in two ways, the most straightforward and the comprehensive. According to the MEC analysis, the nonlinear properties of the surrounding magnetic material are essential in modulation effectiveness. Using MEC analysis, the aim is to optimize the architecture by releasing the maximum available energy from the permanent magnet for modulation.