The intrinsic characteristic of piezoelectric actuators (PEA), known as hysteresis, has been demonstrated to diminish the capability and stability of the system significantly. This paper proposes a modified-generalized Prandtl-Ishlinskii (MGPI) model to describe the rate-dependent hysteresis in piezoelectric actuators. The developed model incorpo-rates a voltage change rate function to replace the first part of the generalized Prandtl-Ishlinskii (GPI) model. Additionally, the model integrates the cubic polynomial into the envelope function, along with the dynamic thresholds and weights. When describing the hysteresis of the piezoelectric actuator (PEA), the model parameters are identified using the Improved Grey Wolf Optimizer (IGWO) algorithm. To prevent the algorithm from getting trapped in local optima, the cubic chaotic mapping is utilized for population initialization, as well as a nonlinear convergence factor, and the Levy flight strategy factor is introduced to update the Wolf pack's position. The rate-dependent hysteresis behavior of a PEA under excitation in the 1~200 Hz frequency range was experimentally meas-ured. The measured data were used to demonstrate the validity of the proposed MGPI model. The relative root-mean-square error and the relative maximum error of the MGPI model are 1.41% and 6.00%, respectively, which are lower than those of the GPI model, which are 3.15% and 10.58%. Under the composite frequency driving, the outputs of the GPI model and MGPI model were compared with the measured data of the PEA, the results suggest that the MGPI model and the IGWO algorithm can more accurately describe the rate-dependent hysteresis of the piezoelectric actuators.