With the final objective to assure equivalence between radiated and conducted immunity testing to intense electromagnetic pulses, in this work a circuit model of a typical pulsed current injection (PCI) test setup is derived, implemented in SPICE, and validated by measurement. By virtue of such a model, the parameters of the discharge circuit of the pulse generator can be adjusted to compensate the waveform distortion introduced by the injection probe. As proven by an example, the proposed method allows reproducing at the input of the equipment under test a transient disturbance with expected characteristics (i.e., amplitude, rise time, and pulse width)