The conventional direct parameter extraction method generally suffers from cumbersome due to redundant experiments. An efficient and systematical parameter extracting solution is proposed based on an equivalent circuit model of distributed feedback (DFB) lasers. The successfully built circuit model includes the necessary intrinsic parameters in the rate equations and the extrinsic parameters to provide a better approximation of the actual laser. This method is experimentally verified through a DFB laser chip measurement of electronic and optical performance under the same conditions. Finally, the nine intrinsic parameters in the rate equations and five extrinsic parameters in the model are efficiently extracted using this technique from a set of experimental characteristics of a DFB laser chip. Modeled and measured results for the laser output characteristics exhibit good agreement when the extracted parameters are used. The method is versatile for other semiconductor lasers that can be modeled using rate equations. Comparison with simulation results of published laser models further validates the reliability of the presented model and extraction method.