Low frequency sound is useful in several underwater applications, including sonar, underwater communication, detection of mines, sonobuoys, detection of oil or gas deposits, etc. Hydroacoustic projectors help in generating such low frequency acoustic waves far more effectively than other devices. Even though there is sufficient information available on modelling of various components used in complex hydraulic devices, there is a significant dearth of literature pertaining to mathematical modelling of hydroacoustic projectors and relevant experimental data. The present work fills this gap firmly. To this end, an integrated electrical analogy-based model to simulate the behavior of a hydroacoustic projector has been developed. The model includes sub-models for a hydraulic pump, hydraulic pipelines, hydraulic cylinders, a directional control valve, an accumulator, a reservoir, mechanical mass, spring, friction, radiation impedance, and coupling elements. The model also incorporates the effects of compliance in pipelines and presence of air in the working fluid. Further, a prototype of the projector has been designed and fabricated. Predictions from simulations have been compared with experimental results from tests conducted in air up to 10 Hz frequency. These results demonstrate the reliability of the simulation model and establish its efficiency in terms of predicting the projector's performance with reasonable accuracy.