The main objective of this paper is to develop a dynamic emulator of a proton exchange membrane (PEM) electrolyzer (EL) through an equivalent electrical model. Experimental investigations have highlighted the capacitive effect of EL when subjecting to dynamic current profiles, which so far has not been reported in the literature. Thanks to a thorough experimental study, the electrical domain of a PEM EL composed of 3 cells has been modeled under dynamic operating conditions. The dynamic emulator is based on an equivalent electrical scheme that takes into consideration the dynamic behavior of the EL in cases of sudden variation in the supply current. The model parameters were identified for a suitable current interval to consider them as constant and then tested with experimental data. The obtained results through the developed dynamic emulator have demonstrated its ability to accurately replicate the dynamic behavior of a PEM EL.