The microwave impedance of a current‐rectifying Alx, Ga1‐x, As ramp heterostructure is measured from 0.1 to 12 GHz over a temperature range of 20 to 300 K. The elements of a small‐signal equivalent circuit model are optimized to fit the experimental impedance data over the full temperature and dc bias ranges. These circuit elements are identified with the physical structures and carrier transport mechanisms in the device.