In this study a low-signal equivalent circuit based on the Double Schottky Barrier model is proposed for ZnO-based varistor. Since pin-lead inductance and stray capacitance are considered in pin-lead type ZnO varistor these inductance and capacitance could be removed from the experimental dielectric data of the varistor. According to the equivalent circuit simulation results the higher the varistor-voltage of varistor sample the capacitance of dielectric layer is larger, and the capacitances of semiconducting layer and depletion layer are smaller, while the parallel resistances of semiconducting layer and depletion layer are more larger values. Spectra of the dielectric loss factor $tan{delta}$ show 2 peaks in low frequency and high frequency regions respectively. The low-frequency peak is due to the relaxation by deep donors and the high-frequency peak is due to the relaxation by shallow donors. Above results are well consistent with the theoretical mechanism of ZnO varistor.