Thermoelectric (TE) devices are used in the form of Peltier coolers and as TE generators, with the latter producing electrical energy from waste heat, based on the Seebeck effect. In both cases, modeling of the TE device is a prerequisite for the design and control verification of the resulting overall energy system. To this end, the model has to be integrated seamlessly in an overall system model containing other electrical, thermodynamic, or even mechanical components. Following this premise, this paper presents a component-based model for TE devices described in the Modelica language. The model incorporates the temperature dependences of decisive material properties (Seebeck coefficient, thermal conductivity, and electrical resistivity) in 1-D spatial resolution. With the help of few additional geometrical parameters, e.g., the thickness of TE legs, the model is capable of describing the dynamic behavior of the TE device in accordance with the experimental results.