Thermo-Electrical analogy method is very powerful instrument for transient heat-flow simulation and analysis. Therefor to analyse Peltier element as a part of cooling or heating system it is necessary to evaluate thermo-electrical analogy model that would describe Peltier element as close as possible. There are various successful approaches developed for the moment however most of them tend to ignore various properties of Peltier elements due to little impact on final results or to maintain simplicity. This paper attempts to develop model that would include specific, previously ignored thermal and electrical effects to describe Peltier element more precisely. Although these effects have small impact on conventional operation of Peltier element, one can find certain conditions or applications that should not ignore them. The model can also serve as educational material that helps to understand Peltier elements or thermoelectric effects better or serves as base in other research. Developed model is compared to other thermo-electrical analogy models for Peltier coolers.