Electrostriction is a recent actuation mechanism which is being explored for a variety of new micro- and millimeter scale devices along with macroscale applications such as artificial muscles. The general characteristics of these materials and the nature of actuation lend itself to possible production of very rich nonlinear dynamic behavior. In this work, principal parametric resonance of the second mode in in-plane vibrations of appropriately designed electrostrictive plates is investigated. The plates are made of an electrostrictive polymer whose mechanical response can be approximated by Mooney Rivlin model, and the induced strain is assumed to have quadratic dependence on the applied electric field. A finite element model (FEM) formulation is used to develop mode shapes of the linearized structure whose lowest two natural frequencies are designed to be close to be in 1:2 ratio. Using these two structural modes and the complete Lagrangian, a nonlinear two-mode model of the electrostrictive plate structure is developed. Application of a harmonic electric field results in in-plane parametric oscillations. The nonlinear response of the structure is studied using averaging on the two-mode model. The structure exhibits 1:2 internal resonance and large amplitude vibrations through the route of parametric excitation. The principal parametric resonance of the second mode is investigated in detail, and the time response of the averaged system is also computed at few frequencies to demonstrate stability of branches. Some results for the case of principal parametric resonance of the first mode are also presented.