We present a novel distributed equivalent circuit that incorporates a three-way-coupled transmission line to accurately capture the external parasitics of double-finger high electron mobility transistor (HEMT) topologies up to 750 GHz. A six-step systematic parameter extraction procedure is used to determine the equivalent circuit elements for a representative device layout. The accuracy of the proposed approach is validated in the 90–750 GHz band through comparisons between measured data (via non-contact probing) and full-wave simulations, as well as the equivalent circuit response. Subsequently, a semi-distributed active device model is incorporated into the proposed parasitic circuit to demonstrate that the three-way-coupled transmission line model effectively predicts the adverse effect of parasitic components on the sub-mmW performance in an amplifier setting.