With the need of high-speed and mass data transmission, optical communication system requires the growth of optical components. Waveguide photodiodes (WGPDs) are introduced and the circuit models of the WGPD and the WGPD submodule are required for the optical receiver application. In this paper, the circuit models of the WGPD and the WGPD submodule are investigated using the partial element equivalent circuit (PEEC) methodology by optimizing the measured s-parameters. In addition, the optical to electrical (O/E) conversion characteristics of the WGPD and the WGPD submodule are examined with the established WGPD models. The physical variation of the WGPD in the presence of optical source is also examined.