This paper presents an estimation technique of the equivalent circuit parameters for an underwater acoustic piezoelectric transducer from the measured impedance. Estimated equivalent circuit can be used for the design of the impedance matching network of the sonar transmitter. A fitness function is proposed to minimize the error between the calculated impedance of the equivalent circuit and the measured impedance of the transducer. The equivalent circuit parameters are estimated by using the fitness function and the PSO(Particle Swarm Optimization) algorithm. The effectiveness of the proposed method is verified by the applications to a sandwich-type transducer and a dummy load. In addition, the impedance matching network is also designed by using the estimated equivalent circuit model.