Tonpilz transducers have been widely used in underwater acoustical application as elements of sonar array. Tonpilz transducers are fabricated, by bolting different metal on both end of segmented piezoelectric ceramic, to satisfy multiple, conflicting design specifications. The aim of this paper is to study the characteristics of Tonpilz transducer that depend on different metal loading. First, the Mason equivalent circuit is used to model the segmented piezoelectric ceramic, then, the impedance network of tail and head masses are deduced by the Newton's theory. To obtain the optimal solution to a specific design formulation, PSPICE programming techniques can be applied. An example of the application of PSPICE programming in Tonpilz transducer analysis is presented and the simulation results are in good agreement with the experimental measurements.