The potential of ultrasonic techniques for the separation and concentration of particles within a fluid has been investigated in some detail in recent years. Devices for effecting such separation typically consist of a piezoceramic transducer driving into a matching layer, fluid layer and reflector layer. This paper uses an equivalent-circuit transducer model, coupled with acoustic impedance transfer relationships to model such cells with regards to both their electrical characteristics and the strength of the resonance produced under different conditions. The model is compared with experimental results from two different cells and is shown to match experimental values well in terms of electrical characteristics and separator performance. The effects of matching layer thickness are also examined using the model. The importance of the adhesive bonding layer is demonstrated, and it is shown that the model can predict the effects of such a layer. The model is also used to demonstrate the effects of coincident resonances in cell layers and to examine the pressure distribution across cells at key frequencies.