We demonstrate a semi‐analytical parameter extraction method to characterize high‐speed and high‐photocurrent InP‐based uni‐traveling‐carrier photodiodes with dipole‐doped structure. The accuracy of proposed method has been validated with good agreements between the measured and simulated results of reflection coefficients and frequency responses in a wide frequency range up to 40 GHz. © 2016 Wiley Periodicals, Inc. Microwave Opt Technol Lett 58:2156–2162, 2016