The paper presents application of a modified, symmetrical Bouc-Wen model to simulate the mechanical behaviour of high-frequency piezoelectric actuators (PAs). In order to identify parameters of the model, a two-step algorithm was developed. In its first stage, the mechanical parameters were identified by taking into account their bilinear variability and using a square input voltage waveform. In the second step, the hysteresis parameters were determined based on a periodic excitation. Additionally, in order to reduce the influence of measurement errors in determination of selected derivatives the continuum wavelet transform (CWT) and translation-rotation transformation (TRT) methods were applied. The results proved that the modified symmetrical Bouc-Wen model is able to describe the mechanical behaviour of PAs across a wide frequency range.