Since there are two vibration components at a mechanical output terminal of a thick flexural transducer, that is, lateral and rotational components, corresponding electrical ports have to be provided in the electrical equivalent circuit. A load applied to the transducer also has to be considered separately corresponding to each vibration component. To treat this situation with the electrical equivalent circuit, an analytical solution, namely, Timoshenko's beam theory given by Miklowitz and the piezoelectric equation, is applied to calculate the free vibration mode and the electrical equivalent components of the transducer. Using this derived equivalent circuit, the behavior of the loaded flexural transducer is experimentally studied to prove the validity of the proposed circuit. This is the first trial to derive such an equivalent circuit that can treat two vibration components simultaneously.