The hydrostatic actuation system based on linear actuators improves the complex piston force and long transmission path of the traditional electro-hydrostatic actuator (EHA). However, new nonlinear factors in the linear actuator and direct-driven piston are introduced into the system, which present challenges to system modeling and control. To improve the accuracy of system performance prediction, this paper analyzed the working characteristics of an electromagnetic direct-drive hydrostatic actuation system (EDHAS). A dynamic model of the electromagnetic linear actuator including the LuGre friction model was established. The high-pressure internal leakage of the direct-drive pump was described by an inclined eccentric leakage model. The Karnopp friction model was applied to solve the problem of switching between viscous and sliding friction in a cylinder. The hydraulic components model was established based on AMESim, and the electromagnetic linear actuator model and the system controller model were established in Matlab/Simulink, to establish a refined electromechanical–hydraulic co-simulation model of the EDHAS with electromagnetic, mechanical, hydraulic, and control coupling. A system performance test platform was built. The simulation results of the direct-drive piston displacement, the system pressure, the system flow rate, and the cylinder displacement match well with experimental results, which verifies the validity and accuracy of the refined modeling method.