Electrical equivalent circuit models demonstrate excellent adaptability and simplicity in predicting the electrical dynamic response of the all-vanadium redox flow battery (VRB) system. However, only a few publications that focus on this topic are available. The paper presents a comprehensive equivalent circuit model of VRB for system level analysis. The least square method is used to identify both steady-state and dynamic characteristics of VRB. The inherent features of the flow battery such as shunt current, ion diffusion and pumping energy consumption are also considered. The proposed model consists of an open-circuit voltage source, two parasitic shunt bypass circuits, a 1st order resistor-capacitor network and a hydraulic circuit model. Validated with experimental data, the proposed model demonstrates excellent accuracy. The mean-error of terminal voltage and pump consumption are 0.09 V and 0.49 W respectively. Based on the proposed model, self-discharge and system efficiency are studied. An optimal flow rate which maximizes the system efficiency is identified. Finally, the dynamic responses of the proposed VRB model under step current profiles are presented. Variables such as SOC and stack terminal voltage can be provided.