To efficiently design GaN HEMT devices, a robust extraction of their intrinsic electrical equivalent circuit element values is critical. Aiming to accurately determine all intrinsic element values, a new elements‐based small‐signal equivalent circuit technique is introduced in this paper. Compared to the conventional GaAs‐based HEMT small‐signal model composed of 16 elements, the proposed equivalent circuit consists of two parasitic distributed interelectrode extrinsic capacitances and two additional feedback intrinsic resistances. The circuit element values were obtained starting from measured S‐parameters and using Y‐matrix transformations. The efficiency of the proposed methodology was demonstrated through excellent agreement between simulated and measured data up to 60 GHz.