This paper describes dynamic characteristics and system identification of a panel type electrostatic actuator which is used for transportation particles and dielectric sheets. The actuator is composed of parallel electrodes, an insulating thin cover-film, a supporting panel and electrode-attachment to the three phase high voltage signals. Using a digital storage oscilloscope, this study explores the dynamic characteristic of the actuator using system identification analysis. The frequency response data at a discrete set of frequencies obtained from the electrodes are analyzed using the prediction error minimization method (PEM) system identification to reveal important dynamic characteristics including frequency response and transfer function. It is shown that in addition to capacitance effect, the actuator has inductor effect. Based on the proposed model, the effect of signal profile (sine, square and sawtooth) on current consumption and induction current between electrodes is analyzed.