Conservation of charge (CoC) principle which states that the amount of charge flowing in a cell equalizer is equal to the amount of charge following out of it over the equalization process has been used to model the cell equalization systems so far. In this paper, it is shown that conservation of energy (CoE) is a more accurate method to analyze and model the equalizers. Using CoE model, two important equalizer’s behavioral parameters which are equalization voltage and time, are estimated for an equalizer structure and compared with conventional CoC model estimations and eventually verified by simulations and experiments.