This work presents a new analytical model for constrained layer damping (CLD). CLD is an effective vibration suppression approach. Unfortunately, most of the existing research involving analytical models for constrained layer damped structures considered the simple beam structure and are therefore not applicable for many real systems. As a result, it is important to be able to model the CLD of structures like plates and improve both the accuracy and versatility of the predictions. Most existing research assumes that shear deformation of the damping layer is the dominant source of damping, despite the fact that some research has noted that this assumption is often not valid. To address these needs, this work provides development of an analytical model for a three-layer CLD plate structure. Unlike previous models, this analytical model treats the three-layer plate as not only having shear deformation, but also as having longitudinal extension and transverse compression deformation in the damping layer. Because of these new considerations, all types of damping in the intermediate layer have been taken into account. This newly developed analytical mode is validated by comparing it with experimental data from published literature. Then, a parametric study between this newly developed compression plate analytical model and another newly developed plate analytical model that neglects compression damping is conducted in order to explore the impact of some design parameters on the structure's modal characteristics. For cases when the face layers have different thicknesses, it is shown that it may be necessary to include the transverse compressional damping component to provide an accurate prediction of the natural frequencies and loss factors.