The equi-biaxially pre-strained circular dielectric elastomer actuator (PCDEA) is a classical actuator configuration to demonstrate the electromechanical deformation mechanism of dielectric elastomer. Till now, there still lacks an effective method to analyze the non-uniform voltage-induced deformation of PCDEA with both high accuracy and low computational cost. Besides, the inverse problem that determines the voltage input for a desired deformation is also a hard problem for the current modeling approaches. In this work, a novel shape function approximation method is proposed to model the non-uniform deformation of PCDEA in a highly accurate lumped-parameter way. The method can solve both the inverse problem and forward problem of the PCDEA, making it possible to position the onset of electromechanical instability (EMI) of this configuration. Detailed comparisons are made between this method and high-resolution finite element analysis to verify its accuracy. This method also features low computational cost, providing opportunities for developing model-based real-time control and proprioception techniques. Further investigation is also carried out on how material types and configurational parameters interact with PCDEAs’ performance, along with checking the findings with experiment observation. Guidelines for DE material development and actuator design are also summarized accordingly.